Document:

ex1028k070909.htm

    Exhibit 10.2

     

    AGREEMENT

    

    

    AGREEMENT dated as of the 8th day of
July, 2009, by and among Seneca Foods Corporation, a New York corporation (the
"Company"), Carl Marks Strategic Investments, L.P., a Delaware limited
partnership, Nancy Marks and Marjorie Boas ( all such parties, other than the
Company, referred to herein as the "Original Selling Shareholders"), Carl Marks
Strategic Investments III, L.P., Nancy Marks 2003 GRAT, Nancy Marks 2009
CMS-GRAT, Carolyn Marks, Mark and Susan Claster, Andrew and Carol Boas, Linda
Katz, Constance Marks, Laura Katz, James Miller, Richard Boas, John Hancock Life
Insurance Company and John Hancock Variable Life Insurance Company (all such
parties, other than the Original Selling Shareholders, referred to herein as the
"Additional Selling Shareholders" and, together with the Original Selling
Shareholders, the "Selling Shareholders").

    

    RECITALS:

    

    A. The
Company, the Original Selling Shareholders, Uranus Fund, Ltd., CMCO, Inc., Edwin
S. Marks and Carl Marks Strategic Investments II LP previously entered into a
Registration Rights Agreement, dated as of June 22, 1998 (the "RR
Agreement");

    

    B. The
Company and the Original Selling Shareholders are the only remaining parties to
the RR Agreement;

    

    C. The
Original Selling Shareholders have requested that the Company (i) effect the
registration under the Securities Act of the Original Selling Shareholders'
"Owned Shares" (as defined below) in connection with the proposed Secondary
Offering (as defined below) and (ii) permit the Additional Selling Shareholders
to also effect the registration under the Securities Act of the Additional
Selling Shareholders' "Additional Owned Shares" (as defined below) in connection
with the proposed Secondary Offering; and

    

    D. The
parties hereto have agreed to various provisions as set forth below concerning
their respective rights and obligations under the RR Agreement and this
Agreement in connection with such proposed Secondary Offering.

    

    TERMS OF
AGREEMENT:

    

    NOW, THEREFORE, in consideration of the
premises and other good and valid consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

    

    1. Any
capitalized term used but not defined herein shall have the meaning given
thereto as set forth in the RR Agreement.

    

    2. 

    (a) Each
Original Selling Shareholder confirms to the Company that such Selling
Shareholder is the owner of the shares of the various classes or series of
classes of the Company's stock set forth on Schedule A hereto (such shares owned
by each applicable Original Selling Shareholder referred to herein as the "Owned
Shares"), and that such Original Selling Shareholder does not own or control,
and will not own or control as of the date of the consummation of the Secondary
Offering, any other shares of the classes or series of classes of the Company's
stock set forth on Schedule A, other than such Original Selling Shareholder's
Owned Shares.

    

    (b) Each
Additional Selling Shareholder confirms to the Company that such Additional
Selling Shareholder is the beneficial owner of the shares of the various classes
or series of classes of the Company's stock set forth on Schedule B hereto (such
shares owned by each applicable Additional Selling Shareholder referred to
herein as the "Additional Owned Shares"), and that such Additional Selling
Shareholder (other than John Hancock Life Insurance Company and John Hancock
Variable Life Insurance Company) does not own or control, and will not own or
control as of the date of the consummation of the Secondary Offering, any other
shares of the classes or series of classes of the Company's stock set forth on
Schedule B, other than such Additional Selling Shareholder's Additional Owned
Shares.

    

    3. 

    (a) Each
Original Selling Shareholder confirms that such Original Selling Shareholder has
requested (the "Registration Request") that (i) pursuant to the provisions of
Section 2.1(a) of the RR Agreement the Company effect the registration under the
Securities Act of (A) all of such Original Selling Shareholder's Owned Shares
which constitute Class A Common Stock of the Company and (B) all shares of Class
A Common Stock of the Company issuable upon the conversion of Owned Shares that
are not currently Class A Common Stock of the Company to be sold in an
underwritten secondary offering (the "Secondary Offering"), and (ii) the Company
in connection with the Secondary Offering also effect the registration under the
Securities Act of (A) all of Additional Selling Shareholders' Additional Owned
Shares which constitute Class A Common Stock of the Company and (B) all shares
of Class A Common Stock of the Company issuable upon the conversion of
Additional Owned Shares that are not currently Class A Common Stock of the
Company (collectively the "Offered Securities").

    

    (b) The
Company and each Selling Shareholder has agreed to take all actions necessary to
convert all shares of the Company’s capital stock being sold in the Secondary
Offering upon conversion which are not currently Class A Common Stock of the
Company into shares of Class A Common Stock of the Company immediately prior to
the consummation of the Secondary Offering with respect to such shares pursuant
to the terms of the underwriting agreement between the Company, the Selling
Shareholders and Merrill Lynch, Pierce, Fenner & Smith, Inc. and Piper
Jaffray & Co. as representatives of the several underwriters named therein
related to the Secondary Offering (the "Underwriting Agreement");

    

    (c) Each
Original Selling Shareholder agrees that the 30 day period referenced in Section
2.1(a)(ii) of the RR Agreement has terminated as of the date of this
Agreement;

    

    (d) The
Company and each Selling Shareholder agrees that no other securities of the
Company shall be included in the Secondary Offering other than the Offered
Securities unless the Company and the Original Selling Shareholders shall have
consented in writing to the inclusion of such other securities;

    

    (e) Notwithstanding
anything to the contrary set forth in the RR Agreement, and subject to the
provisions of Section 3(f) below, each of the Selling Shareholders shall
severally be responsible for the payment of a pro rata portion of the
Registration Expenses arising in connection with the Secondary Offering
allocated based on the respective number of Offered Securities of each of the
Selling Shareholders sold in the Secondary Offering. The Company shall pay all
fees and expenses other than Registration Expenses, if any, incident to the
Company’s performance or compliance with the RR Agreement in connection with the
Secondary Offering.  All Registration Expenses payable by a Selling
Shareholder hereunder shall be promptly paid by such Selling Shareholder upon
presentment of an invoice setting forth such Registration Expenses in reasonable
detail; and

    

    (f) If the
Secondary Offering is not consummated for any reason (i) the Company shall be
responsible for the payment of (a) the fees and disbursements of counsel for the
Company and of its independent public accountants incurred in connection with
such proposed registration (including the expenses of "comfort" letters to be
provided by such independent public accountants in connection with such proposed
registration), (b) all filing fees with the Commission , the NASDAQ Stock
Market, Inc. or the Financial Industry Regulatory Authority and (c) other fees
and expenses (other than Registration Expenses) incurred by the Company in
connection with such proposed registration and (ii) the Selling Shareholders
shall be responsible for the payment (on a pro rata basis determined in
accordance with the provisions of Section 3(e) above) of all other Registration
Expenses arising in connection with such proposed registration other than those
described in immediately preceding clause (i).

    

    4. Subject
to the provisions of this Agreement, the Additional Selling Shareholders shall
have the rights and be bound by the obligations of a holder of Registrable
Securities as set forth in Sections 2.3, 2.4(a), 2.5, 2.7 and 7 of the RR
Agreement solely in connection with the Secondary Offering of the Additional
Owned Shares.  The Additional Selling Shareholders shall have no other
rights or obligations arising under the RR Agreement other than those expressly
referenced in the immediately preceding sentence.  Notwithstanding
anything to the contrary set forth herein or in the RR Agreement, any request to
the Company by John Hancock Life Insurance Company or John Hancock Variable Life
Insurance Company (collectively, the "JH Entities") to effect the registration
under the Securities Act of (i) any Additional Owned Shares owned by the JH
Entities which are not sold in the Secondary Offering or (ii) any other
securities of the Company owned by the JH Entities shall be governed by the
provisions of the Registration Rights Agreement between the Company and the JH
Entities dated as of August 17, 2006 and not the provisions of this Agreement or
the RR Agreement.

    

    5. Each
Selling Shareholder hereby undertakes and agrees to indemnify and hold harmless
(in the same manner and to the same extent as set forth in Section 2.7(a) of the
RR Agreement) the Company, each director of the Company, each officer of the
Company and each other Person (other than other Selling Shareholders, if
applicable) who controls the Company within the meaning of the Securities Act or
the Exchange Act, with respect to any statement or alleged statement in or
omission or alleged omission from any registration statement, any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereto, prepared in connection with the Secondary Offering if such statement or
alleged statement or omission or alleged omission was made in reliance upon and
in conformity with written information provided by such Selling Shareholder for
inclusion therein; provided, however, that any such written information shall be
limited to the name of each Selling Shareholder, the address of each Selling
Shareholder and the information included about each Selling Shareholder in the
Selling Shareholder table.

    

    6. 

    (a) This
Agreement shall terminate and be of no further force and effect if no Owned
Shares are sold in connection with the Secondary Offering by no later than
September 30, 2009.

    

    (b) All
rights of the Original Selling Shareholders under the RR Agreement (other than
the Original Selling Shareholders' rights under Section 2.1 of the RR Agreement
in connection with the Registration Request and Section 2.7 of the RR Agreement
in connection with the Secondary Offering) shall automatically terminate upon
the sale of all of the Owned Shares in the Secondary Offering.

    

    (c) If the
sale of some, but not all, of the Owned Shares in the Secondary Offering is
consummated, then the RR Agreement shall be deemed to be amended as of the date
of such consummation as follows:

    

    (i) The first
sentence of the definition of "Registrable Securities" set forth in Section 3 of
the RR Agreement is hereby amended and restated to provide that "Registrable
Securities" means (A) any shares of Common Stock issuable upon conversion of any
Owned Shares not sold in the Secondary Offering and (B) any securities of the
Company issued or issuable with respect to any of the securities described in
immediately preceding clause (A) by way of a dividend or stock split or in
connection with a combination of shares, recapitalization, reclassification,
merger, consolidation, reconstitution or other reorganization or
otherwise.

    

    (ii) Notwithstanding
anything to the contrary set forth in Section 2.1 of the RR Agreement, the right
to request that the Company effect the registration under the Securities Act of
all or part of the Registrable Securities (an "Additional Registration Request")
shall be subject to the following additional provision:  (A) if an
Additional Registration Request is withdrawn in accordance with the provisions
of Section 2.1(f) of the RR Agreement then, notwithstanding anything to the
contrary set forth in the RR Agreement, (A) the Company shall be responsible for
the payment of the fees and disbursements of counsel for the Company and of its
independent public accountants incurred in connection with such proposed
registration (including (a) the expenses of "comfort" letters to be provided by
such independent public accountants in connection with such proposed
registration), (b) all filing fees with the Commission, the NASDAQ Stock Market,
Inc. or the Financial Industry Regulatory Authority and (c) other fees and
expenses (other than Registration Expenses) incurred by the Company in
connection with such proposed registration and (B) the Selling Holders of
Registrable Securities who made such Additional Registration Request shall be
responsible for the payment (on a pro rata basis determined in accordance with
the provisions of Section 3(e) above) of all Registration Expenses arising in
connection with such proposed registration other than those described in
immediately preceding clause (A).

    

    7. The
Selling Shareholders represent and warrant to the Company that neither CMOC,
Inc. or Uranus Fund, Ltd. nor any successor thereto (i) owns any shares of the
Company's securities or (ii) has any continuing rights under the RR Agreement
(which rights have permanently terminated).

    

    8. This
Agreement, together with the Underwriting Agreement and the RR Agreement
(including the exhibits and schedules thereto), is intended by the parties as a
final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein and therein.  There are no
restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein and therein.  This Agreement, the Underwriting
Agreement and the RR Agreement (including the exhibits and schedules thereto)
supersede all prior agreements and understandings between the parties with
respect to such subject matter.

    

    9. This
Agreement has been negotiated, executed and delivered in the State of New York
and shall be governed by and construed in accordance with the laws of the State
of New York, without regards to principles of conflicts of law.

    

     

    10. Except as
expressly provided herein, the RR Agreement and the rights and obligations of
the parties thereto contained therein remain in full force and
effect.

    

    11. This
Agreement may be executed and delivered via facsimile or e-mail transmission;
and may be executed in counterparts, each of which shall be an original and all
of which taken together shall constitute one and the same
instrument.

    

    [SIGNATURE
PAGES TO FOLLOW]

    

    
      
        
          --

        

         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
and delivered by their respective representatives hereunto duly authorized as of
the date first above written.

    

    SENECA FOODS CORPORATION

    

    By:   /s/Kraig H.
Kayser                                                                    

    Name:  Kraig H.
Kayser

    Title:  President and Chief
Executive Officer

    

    

    CARL MARKS STRATEGIC INVESTMENTS,
L.P.

    

    By:  CMSI GP, LLC, as
General Partner

    

        By: Andrew M.
Boas, as Managing Member

    

    By:/s/Andrew M.
Boas                                                                                                                                               

    Name:  Andrew M.
Boas

    Title: Managing Member

    

    

    CARL MARKS STRATEGIC INVESTMENTS III,
L.P.

    

    By:  CMSI III GP, LLC, as
General Partner

    

        By: Andrew M.
Boas, as Managing Member

    

    By:/s/Andrew M.
Boas                                                                    

    Name:  Andrew M.
Boas

    Title:Managing Member

    

    
                                                                                       /s/Nancy
Marks 
                                                                               
___________________________

    

    

    Nancy Marks

    

    

    
      
        
          -S--

        

         

      

      
         

        
          

        

      

      
         

      

    

                                                                                 
/s/Marjorie Boas

                                                                                  
__________________________

    Marjorie Boas

    

    

    Nancy Marks 2003-GRAT

     

                                                                                     /s/Nancy
Marks 
                                                                               
___________________________

    Trustee

    

    

    Nancy Marks 2009 CMS-GRAT

    
       

                                                                                       /s/Nancy
Marks 
                                                                               
___________________________

    

    Trustee

    

    

                                                                                    /s/Carolyn
Marks
                                                                               
___________________________

    

    Carolyn Marks

     

    
                                                                                /s/Mark
Claster

                                                                                   
___________________________

    Mark Claster

     

                                                                                   
/s/Susan Claster

                                                                                   
___________________________

     

    Susan Claster

                                                                                   

                                                                                   
/s/Andrew M. Boas

                                                                                   
___________________________

    

    Andrew Boas

     

     

                                                                                    /Carol
Boas
                                                                               
___________________________

    

    Carol Boas

     

    
                                                                               
/s/Linda Katz

                                                                                   
___________________________

    

    Linda Katz

    

    
      
        
          -S--

        

         

      

      
         

        
          

        

      

      
         

      

    

     

                                                                                   
/s/Constance Marks

                                                                                   
___________________________

    

    Constance Marks

     

     

                                                                                    
/s/Linda Marks Katz parent of Laura
Katz
                                                                               
___________________________

    Laura Katz

     

    
                                                                                /s/James
Miller

                                                                                   
___________________________

    

    James Miller

     

                                                                                   
/s/Richard Boas

                                                                                   
___________________________

    

    Richard Boas

    

    

    JOHN HANCOCK LIFE INSURANCE
COMPANY

    

    By: /s/Bradley A.
Pierce                                                                               

                                                                                   
___________________________

    Name: Bradley A.
Pierce                                                                                    

    

    Title: Director                     

    

    

    JOHN HANCOCK VARIABLE
LIFE

      INSURANCE
COMPANY

    

    By:/s/Bradley A.
Pierce                                                                                                                                                                    

                                                                                   
___________________________

    Name:Bradley A.
Pierce                                                                                                                                                                    

    

    Title:  Authorized Signatory                    

    

    

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    SCHEDULE
A

    

    

    

    
      	 
      	 	
              Convertible Participating Preferred
      Stock

            	 	 	
              Class A Common Stock

            	 	 	
              Class B Common Stock

            	 
	
              Carl
      Marks Strategic Investments, L.P.

            	 	 	2,325,736.00	 	 	 	-	 	 	 	-	 
	
              Nancy
      Marks

            	 	 	248,520.00	 	 	 	-	 	 	 	247,304.00	 
	
              Marjorie
      Boas

            	 	 	-	 	 	 	25,000.00	 	 	 	25,000.00	 

    

    

    

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
B

    

    

    

    
      	 
      	 	
              Convertible Participating Preferred
      Stock

            	 	 	
              Class A Common Stock

            	 	 	
              Class B Common Stock

            	 
	
              Carl
      Marks Strategic Investments III, L.P.

            	 	 	30,000.00	 	 	 	-	 	 	 	-	 
	
              Nancy
      Marks 2003 GRAT

            	 	 	-	 	 	 	130,000.00	 	 	 	130,000.00	 
	
              Nancy
      Marks 2009 CMS-GRAT

            	 	 	-	 	 	 	274,304.00	 	 	 	-	 
	
              Carolyn
      Marks

            	 	 	900.00	 	 	 	14,500.00	 	 	 	12,500.00	 
	
              Mark
      and Susan Claster

            	 	 	-	 	 	 	53,975.00	 	 	 	53,975.00	 
	
              Andrew
      and Carol Boas

            	 	 	-	 	 	 	53,975.00	 	 	 	53,975.00	 
	
              Linda
      Katz

            	 	 	1,000.00	 	 	 	14,500.00	 	 	 	12,500.00	 
	
              Constance
      Marks

            	 	 	1,000.00	 	 	 	15,500.00	 	 	 	12,500.00	 
	
              Laura
      Katz

            	 	 	-	 	 	 	2,000.00	 	 	 	-	 
	
              James
      Miller

            	 	 	-	 	 	 	1,000.00	 	 	 	-	 
	
              Richard
      Boas

            	 	 	-	 	 	 	8,334.00	 	 	 	8,334.00	 
	
              John
      Hancock Life Insurance Company

            	 	 	490,000.00	 	 	 	-	 	 	 	-	 
	
              John
      Hancock Variable Life Company

            	 	 	10,000.00	 	 	 	-	 	 	 	-tmo8krestatement072009ex10_1.htm

    Exhibit
10.1

    SUPPLEMENTAL
RETIREMENT AGREEMENT

     

    This
Supplemental Retirement Agreement (the “Agreement”) is entered into this 8th day
of July, 2009 (the “Grant Date”) by and between Thermo Fisher Scientific Inc.
(the “Company”) and Marijn Dekkers (the “Grantee”).

     

    WHEREAS,
the Grantee has served the Company as its Chief Executive Officer pursuant to
the Employment Agreement;

     

    WHEREAS,
the Company desires to reward the Grantee for his past service to the Company
and encourage and incentivize the Grantee to contribute to the long-term success
of the Company;

     

    NOW,
THEREFORE, in consideration of the promises and mutual covenants contained
herein and for other good and valuable  consideration, the receipt of
which is mutually  acknowledged, the Company and the
Grantee:

     

    1.  Definitions.

     

    “Benchmark
Index” means, with respect to any date, the average value of the S&P
Industrials Composite Index for the 90 consecutive calendar days immediately
preceding such date.  The value of the Benchmark Index on January 1,
2008 is $1,774.295.

     

    “Cause”
shall have the meaning set forth in the Employment Agreement.

     

    “Change
in Ownership or Control of the Company” is deemed to occur upon 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, provided that immediately following such event, the Stock is no
longer publicly traded on an established securities market.

     

    “Code”
means the Internal Revenue Code of 1986, as amended.

     

    “Committee”
means the Compensation Committee of the Board of Directors of the Company or, in
the absence of a Compensation Committee, the full Board of
Directors.

     

    “Disability”
shall have the meaning set forth in the Employment Agreement.

     

    “Employment
Agreement” means the Amended and Restated Employment Agreement, effective as of
April 7, 2008, by and between the Company and the Grantee.

     

    “Final
Performance-Based Phantom Shares” shall have the meaning set forth in Section
3(b)(ii).

     

    “401(k)
Excess Plan” means the non-qualified deferred compensation plan sponsored by the
Company to provide a benefit that would have been provided in the Company’s
Section 401(k) plan but for limitations imposed by Sections 402(g) and
401(a)(17) of the Code.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    “Good
Reason” shall have the meaning set forth in the Employment
Agreement.

     

    “Interest
Rate” means the trailing 12-month average rate of return (interest only) of a
ten-year Treasury Note.

     

    “Mortality
Table” means Table V under Treasury Regulations Section 1.72-9 (or such other
table promulgated by the Internal Revenue Service that replaces this
table).

     

    “Payment
Commencement Date” shall have the meaning set forth in Section 4.

     

    “Performance-Based
Phantom Shares” shall have the meaning set forth in Section 3.

     

    “Phantom
Share” means the right to receive the value of one share of Stock in accordance
with the terms of this Agreement.

     

    “Phantom
Share Value” means (a) (i) the Stock Price as of the Separation from Service
Date, (ii) multiplied by the number of vested Phantom Shares determined in
accordance with Section 3, hereof, less (b) the value of
the account balance of the Grantee under the 401(k) Excess Plan that is
attributable to (x) Company contributions plus (y) an amount
equal to investment gains (or losses) attributable to such Company
contributions, calculated as if such contributions had been invested in the T.
Rowe Price Retirement 2015 Fund (or such other balanced index fund that replaces
this fund) offered by the Company as a measurement fund under the 401(k) Excess
Plan.  For the avoidance of doubt, this offset does not take into
account any amount attributable to elective deferred compensation by the Grantee
under the 401(k) Excess Plan and any investment gains (or losses)
thereon.

     

    “Separation
from Service” means the Grantee’s “separation from service” from the Company
within the meaning set forth in Section 409A of the Code, determined in
accordance with the presumptions set forth in Treasury Regulation Section
1.409A-1(h).

     

    “Separation
from Service Date” means the date the Grantee incurs a Separation from
Service.

     

    “Stock”
means the common stock of the Company.

     

    “Stock
Price” means, with respect to a given date, the average closing price of the
Stock for the 90 consecutive calendar days immediately preceding such date;
provided, however, that, in the event of a Change in Ownership or Control of the
Company, the Stock Price shall be the last reported closing price of the Stock
on the immediately preceding full trading day immediately prior to the Change in
Ownership or Control of the Company.

     

    “Target
Performance-Based Phantom Shares” shall have the meaning set forth in Section
3(b)(ii).

     

    “Time-Based
Phantom Shares” shall have the meaning set forth in Section 3.

     

    
      
         

      

      
        2

        
          

        

      

      
         

        
           

        

      

    

    “Total
Shareholder Return” means the total return to a shareholder per share of Stock,
from Stock Price appreciation, determined by comparing the Stock Price as of
January 1, 2008 with the Stock Price on the last day of the applicable
period,  plus cumulative dividends (compounded) during such
period.  The Stock Price on January 1, 2008 is $57.72.

     

    2.  Grant of Phantom
Shares.  The Company hereby grants to the Grantee an award of
124,000 Phantom Shares, subject to the restrictions and conditions set forth in
this Agreement.

     

    3.  Vesting of Phantom
Shares.  The Phantom Shares shall vest on the date or dates
specified in this Section 3, so long as the Grantee remains an employee of the
Company on such dates, subject to Section 6, below.  The Phantom
Shares shall vest with respect to 50% of the Phantom Shares based on the
Grantee’s continued employment (the “Time-Based Phantom Shares”) and with
respect to 50% of the Phantom Shares based on the performance of the Company
(the “Performance-Based Phantom Shares”).

     

                            
(a) 
Time-Based Phantom
Shares.  A percentage of the Time-Based Phantom Shares shall
vest on the Vesting Dates set forth below if the Grantee remains employed with
the Company through each Vesting Date:

     

    
      
        
          
            
              
                
                  
                    	 	
                            Percentage of

                            Phantom Shares Vested

                          	 	
                            Vesting Date

                          	 
	 	
                                                       
      70%

                          	 	
                            December
      31, 2014

                          	 
	 	
                                                     
      100%

                          	 	
                            December
      31, 2017

                          	 

                  

                

              

            

          

        

      

    

    

    The
Grantee shall forfeit all Time-Based Phantom Shares that have not vested as of
the Grantee’s Separation from Service Date.

     

                            
(b) 
Performance-Based Phantom
Shares.

     

                                      
(i) 
The
number of Performance-Based Phantom Shares to be earned shall be based on the
Company’s Total Shareholder Return from January 1, 2008 through December 31,
2017, relative to the performance of the Benchmark Index for the same
period.  If the Grantee’s Separation from Service Date is before
December 31, 2017, the performance period shall be shortened and the Company’s
Total Shareholder Return from January 1, 2008 through the calendar month end
immediately preceding or coincident with the Separation from Service Date shall
be compared to the performance of the Benchmark Index for the same
period.

     

                                      
(ii) 
On either
December 31, 2017 or the Separation from Service Date, whichever occurs first,
the Committee shall determine the actual number of Performance-Based Phantom
Shares that may be earned based on the Company’s Total Shareholder Return (the
“Final Performance-Based Phantom Shares”) in accordance with Schedule A,
hereto.

     

                                       (iii)  Subject
to the Grantee’s continued employment with the Company through the Vesting Dates
set forth in the table in Section 3(a), either 0 percent, 70 percent or 100
percent of the Final Performance-Based Phantom Shares shall vest.

     

    
      
         

      

      
        3

        
          

        

      

      
         

        
           

        

      

    

    The
Grantee shall forfeit all Performance-Based Phantom Shares that have not vested
as of the date of Grantee’s Separation from Service Date.

     

    4.  Payment of
Benefit.  If the Grantee becomes vested in some or all of his
Phantom Shares, as soon as practicable following the Separation from Service
Date, the Company shall determine the Phantom Share Value.  Such
amount shall be paid to Grantee in quarterly installments over an installment
period equal to the Grantee’s life expectancy, as determined in accordance with
the Mortality Table, based on the Grantee’s age on the Payment Commencement
Date, rounded down to the nearest whole number.  The Payment
Commencement Date shall be (i) the first day of the first month that is six
months and one day after the Separation from Service Date, or (ii) the Grantee’s
60th
birthday, whichever is later.  Until the Phantom Share Value is fully
paid out, it shall be adjusted with interest annually in arrears as of the end
of each calendar year based on the Interest Rate.  The amount of each
quarterly payment shall be equal to the amount determined by dividing the
remaining balance of the Phantom Share Value, as adjusted, by the remaining
number of installment payments.  In the event the Grantee dies after
Separation from Service but prior to full payment of the Phantom Share Value, as
adjusted, the Company shall pay the remaining balance of the Phantom Share
Value, as adjusted, in a lump sum to the Grantee’s designated beneficiary within
60 days of the date of death.  If the Grantee has not designated a
beneficiary, the Grantee’s surviving spouse shall be deemed to be the designated
beneficiary.  If the Grantee has no surviving spouse, the Grantee’s
estate shall be deemed to be the designated beneficiary.

     

    5.  Change in Ownership or
Control.  Upon a Change in Ownership or Control of the Company
prior to December 31, 2017, (a) the Committee shall determine the Stock Price,
(b) based on such determination of the Stock Price, the Committee shall
calculate the number of Final Performance-Based Phantom Shares to be earned in
accordance with Schedule A, (c) all
Time-Based Phantom Shares and Final Performance-Based Phantom Shares shall be
converted to the Phantom Share Value and such amount shall continue to vest in
accordance with Section 3(a) based on the service of the Grantee and (d) all
other terms and conditions of this Agreement shall remain in full force in
effect.

     

    6.  Separation From
Service.  Except as otherwise provided below, upon termination
of the Grantee’s employment with the Company for any reason, the Grantee shall
forfeit Phantom Shares and Phantom Share Value that have not vested upon the
Grantee’s Separation from Service pursuant to Section 3.  Upon the
termination of the Grantee’s employment by the Company for Cause, the Grantee
shall forfeit all Phantom Shares and Phantom Share Value, whether or not
vested.

     

                           
(a) 
Separation from Service by
the Company without Cause or by the Grantee for Good
Reason.  In connection with the Grantee’s Separation from
Service prior to December 31, 2017, either (i) by the Company without Cause
or (ii) by the Grantee for Good Reason, for purposes of determining the
percentage of the Time-Based Phantom Shares and Performance-Based Phantom Shares
that will vest upon the Grantee’s Separation from Service (if any), the Grantee
shall be deemed to be employed by the Company for 36 additional calendar
months.

     

    
      
         

      

      
        4

        
          

        

      

      
         

        
           

        

      

    

     

             (b)  Separation from Service Due
to Disability.  In connection with the Grantee’s Separation
from Service prior to December 31, 2017 due to Disability, on the Separation
from Service Date, the Grantee shall vest with respect to a number of Time-Based
Phantom Shares and Final Performance-Based Phantom Shares (the number of which
shall be determined pursuant to Section 3(b)) equal to (x) 10% of the Phantom
Shares multiplied by (y) the number of years (up to ten) the Grantee has
performed services for the Company from January 1, 2008 through the date of
the Grantee’s Disability.

     

    7.  Transferability.  This
Agreement is personal to the Grantee, is non-assignable and is not transferable
in any manner, by operation of law or otherwise, other than by will or the laws
of descent and distribution.

     

    8.  Waiver of Benefits Under
Other Plans.  Except (x) with respect to any amounts consisting
solely of compensation deferred by the Grantee (and any interest or other
appreciation thereon), and (y) benefits provided by the Company under the 401(k)
Excess Plan, the Grantee hereby waives the right to receive any benefit under
any nonqualified pension, profit sharing, supplemental retirement plans
maintained or sponsored by the Company to which he may otherwise be entitled,
either now in existence or may be established by the Company in the
future.

     

    9.  Acknowledgement of
Obligations, Restrictions and Covenants.  The Grantee hereby
acknowledges that he is bound by certain confidentiality, noncompetition and
nonsolicitation covenants set forth in the Employment Agreement.  The
Company shall have the right to suspend any benefit payment under this Agreement
if the Committee in good faith determines that the Grantee is in material breach
of such covenants.

     

    10.   
Tax
Withholding.  All payments to the Grantee hereunder shall be
net of any required Federal, state, and local tax withholding.

     

    11.   
Section
409A.  The parties intend that this Agreement will be
administered in accordance with Section 409A of the Code.  To the
extent that any provision of this Agreement is ambiguous as to its compliance
with Section 409A of the Code, the provision shall be read in such a manner so
that all payments hereunder comply with Section 409A of the Code.  The
parties agree that this Agreement may be amended, as reasonably requested by
either party, and as may be necessary to fully comply with Section 409A of the
Code and all related rules and regulations in order to preserve the payments and
benefits provided hereunder without additional cost to either
party.  The Company makes no representation or warranty and shall have
no liability to the Grantee or any other person if any provisions of this
Agreement are determined to constitute deferred compensation subject to Section
409A of the Code but do not satisfy an exemption from, or the conditions of,
such Section.

     

    12.   
Source of Payments/Unfunded
Status.  The Agreement is intended to constitute an unfunded
plan.  Any amount due and payable to the Grantee or in respect of the
Phantom Shares pursuant to the terms of this Agreement shall be paid solely from
the general assets of the Company.  The Grantee (and his beneficiary,
if applicable) shall not have any interest in any specific asset as a result of
this Agreement or any right to payment under the Agreement.  The
Company shall not have any obligation to set aside any funds for the purpose of
making any

     

    
      
         

      

      
        5

        
          

        

      

      
         

        
           

        

      

    

    benefit
payments under this Agreement.  Nothing contained herein shall give
the Grantee (or his beneficiary, if applicable) any rights that are greater than
those of a general unsecured creditor of the Company.  No action taken
pursuant to the terms of this Agreement shall be construed to create a funded
arrangement, a plan asset, or fiduciary relationship between the Company and the
Grantee (or his beneficiary, if applicable).

     

    13.   
No Obligation to Continue
Employment.  The Company is not obligated by or as a result of
this Agreement to continue the Grantee in employment and this Agreement shall
not interfere in any way with the right of the Company to terminate the
employment of the Grantee at any time.

     

    14.   
Notices.  Notices
hereunder shall be mailed or delivered to the Company at its principal place of
business and shall be mailed or delivered to the Grantee at the address on file
with the Company or, in either case, at such other address as one party may
subsequently furnish to the other party in writing.

     

    15.   
Changes in
Stock.  If, as a result of any reorganization,
recapitalization, reclassification, stock dividend, stock split, reverse stock
split, stock offering or stock repurchase, or other change in the Company’s
capital stock, there is a material change in the number of outstanding shares of
Stock, the Committee shall make appropriate or proportionate adjustments to the
starting Stock Price, Total Shareholder Return and/or the number of Phantom
Shares in such manner as the Committee determines to be equitable to preserve
the intent of this Agreement.

     

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

     

                    THERMO FISHER
SCIENTIFIC INC.

     

    

     

                                                   
By:  /s/
Seth H.
Hoogasian                                                         

                                                         
   Seth H. Hoogasian

                                                           
Senior Vice President, Secretary and General Counsel

                                                   

     

     

                                                           
/s/ Marijn
Dekkers                                                               

                                                        
    Marijn Dekkers

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    Exhibit
A

    Performance
Goals

    

    The chart
below sets forth the percentage of the Performance-Based Phantom Shares that may
be earned by the Grantee at various levels of Total Shareholder
Return:

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	 	
                                                                                       
        Total Shareholder Return Targets

                                            	 	
                                               
      Final Performance-Based Phantom
      Shares

                                            	 
	 	 	 	 	 
	 	
                                              Performance
      of the Benchmark Index equals or exceeds Total Shareholder
      Return

                                            	 	
                                              0%
      of Performance-Based Phantom Shares

                                            	 
	 	
                                              Total
      Shareholder Return exceeds performance of the Benchmark Index by 150 basis
      points

                                            	 	
                                              100%
      of Performance-Based Phantom Shares

                                            	 
	 	
                                              Total
      Shareholder Return exceeds performance of the Benchmark Index by 300 or
      more basis points

                                            	 	
                                              200%
      of Performance-Based Performance Shares

                                            	 

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    If Total
Shareholder Return falls between the Total Shareholder Return Targets set forth
above, the number of Final Performance-Based Phantom Shares shall be determined
using linear interpolation.  For purposes of clarity, if the
performance of the Benchmark Index for the applicable period equals or exceeds
Total Shareholder Return, no Performance-Based Phantom Shares shall
vest.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]