Document:

WYETH
                            EXECUTIVE RETIREMENT PLAN
                         EFFECTIVE AS OF JANUARY 1, 1997
                        As Amended through June 16, 2004

                                     PURPOSE

         The purpose of the Wyeth Executive Retirement Plan (the "Plan") is to
provide competitive executive retirement benefits for key executives and to
enhance the ability of the Company to attract and retain key senior executives.

                             SECTION ONE-DEFINITIONS

Except where the context indicates otherwise, any masculine terminology used
herein shall also include the feminine gender, and the definition of any term
herein in the singular shall also include the plural. Whenever used herein, the
following terms shall have the meaning set forth below:

1.1. "Actuarial Equivalence" means an amount of equivalent value determined by
reference to a specified set of conversion or reduction factors. In determining
either the amount of any reduction in benefit amount or the amount of a benefit
payable under the Plan in an optional form, actuarial equivalence shall be
determined by applying the conversion factors set forth in the Wyeth Retirement
Plan.

1.2. "Affiliate" means any corporation, partnership or other organization
controlling, controlled by or under common control with the Company.

1.3. "Average Pension Earnings" has the same meaning as in the Wyeth
Supplemental Executive Retirement Plan, as amended from time to time.

1.4. "Board of Directors" means the Board of Directors of the Company.

1.5. "Code" means the Internal Revenue Code of 1986, as amended from time to
time.

1.6. "Company" means Wyeth, a Delaware corporation.

1.7. "Contingent Annuitant" has the meaning set forth in the Wyeth Retirement
Plan.

1.8. "Contingent Annuity" has the meaning set forth in the Wyeth Retirement
Plan.

1.9. "Continuous Service" has the meaning set forth in the Wyeth Retirement
Plan.

1.10. "Corporate Officer" means a principal officer of the Company as described
in Paragraph 30 of the By-Laws of the Company (copy attached).

1.11. "Credited Service " means the number of years of service credited to an
Employee under and as determined in accordance with the Wyeth Retirement Plan.
Effective June 16, 2004, Credited Service shall also include all service with
any Wyeth Affiliate (including any non-US Affiliate).

1.12. "Early Plan Benefit" means the monthly benefit payable to a
Participant under Section 4.2 of the Plan.

1.13. "Early Retirement Age" means attainment of both age fifty-five (55) or
more and at least ten (10) years of Continuous Service.

1.14. "Early Retirement Date" means the first day of the calendar month
coincident with or next following the date a Participant attains his/her Early
Retirement Age, or any subsequent day elected by the Participant to retire after
his/her Early Retirement Date but prior to his/her attainment of Normal
Retirement Age.

1.15. "Effective Date" is January 1, 1997.

1.16. "Employee" has the meaning set forth in the Wyeth Retirement Plan.

1.17. "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time, including any regulations promulgated thereunder.

1.18. "Final Average Annual Pension Earnings" means the average of a
Participant's Annual Pension Earnings (as of January 1of each year) for the
three years during which the ten-year period immediately preceding the date of
his/her Severance from Service in which such Annual Pension Earnings were the
highest.

1.19. "Minimum Eligible Compensation Level" means a Rate of Annual Earnings
equal to or greater than two hundred and fifty thousand dollars ($250,000),
which amount shall be subject to periodic review and adjustment by the
Compensation and Benefits Committee of the Board. Effective, as of January 1,
1998, the term Minimum Eligible Compensation Level means a Rate of Annual
Earnings equal to or greater than three hundred thousand dollars ($300,000),
which amount shall be adjusted annually by an average of the salary increases of
the Senior Executive Group of the Company, rounded down to the nearest ten
thousand dollars ($10,000). Effective as of June 16, 2004, the term Minimum
Eligible Compensation Level means a Rate of Annual Earnings equal to or greater
than three hundred eighty thousand dollars ($380,000), which amount shall be
adjusted annually by the Annual Approved U.S. Merit Guideline, rounded down to
the nearest ten thousand dollars ($10,000).

1.20. "Normal Plan Benefit" means the Plan Benefit payable monthly to a
Participant pursuant to Section 4.1 of the Plan.

1.21. "Normal Retirement Age" means age sixty (60).

1.22. "Normal Retirement Date" means the first day of the calendar month
coincident with or next following the date a Participant attains his/her Normal
Retirement Age and elects to retire.

1.23. "Participant" means an Employee of the Company who has met the
requirements to become a Participant in the Plan pursuant to Section Two.

1.24. "PIA Program" means the Wyeth Performance Incentive Award program.

1.25. "Plan" means this Wyeth Executive Retirement Plan, as amended from time to
time.

1.26. "Plan Benefit" means the benefit payable monthly to a Participant under
the terms of the Plan.

1.27. "Plan Year" means the calendar year.

1.28. "Postponed Plan Benefit" means the Plan Benefit payable monthly to a
Participant under Section 4.4 of the Plan.

1.29. "Rate of Annual Earnings" means the average annual base salary of a
Participant as of January 1 of each Plan Year.

1.30. "Retirement Committee" has the meaning set forth in the Wyeth Retirement
Plan.

1.31. "Retirement Plans" means the Wyeth Retirement Plan, the Wyeth Supplemental
Executive Retirement Plan, the American Cyanamid and Subsidiaries Supplemental
Employees Retirement Plan; the American Cyanamid and Subsidiaries ERISA Excess
Plan and/or any other retirement plan or arrangement of the Company to the
extent it provides retirement or pension benefits (but only to the extent that
service under such plan is counted for purposes of the Wyeth Retirement Plan)
each as amended from time to time.

1.32. "Senior Executive Group" means executive officers of the Company who earn
in excess of one hundred and seventy-five thousand dollars (175,000) per year in
annual base earnings.

1.33. "Severance from Service" has the meaning set forth in the Wyeth Retirement
Plan.

1.34. "Single Life Annuity" means an annuity providing payments for the lifetime
of a Participant with no survivor benefits.

1.35. "Social Security Benefit" means the estimated annual amount of an
Employee's old age retirement benefits that a Participant will receive under the
United States Social Security system.

1.36. "Surviving Spouse" means the spouse of a deceased Participant to whom such
Participant has been validly married for a continuous period of at least one (1)
year immediately preceding such Participant's death.

1.37. "Vested Plan Benefit" means the Plan Benefit payable monthly to a
Participant under Section 4.3 of the Plan.

1.38. "Wyeth Retirement Plan" means the Wyeth Retirement Plan - United
States, as amended from time to time.

<PAGE>

                            SECTION TWO-PARTICIPATION

2.1. (a) Eligibility on the Effective. An Employee of the Company or its
Affiliate employed on the Effective Date shall become a Participant in the Plan
on the Effective Date provided such Employee:

               (1)  Is a Participant in the Wyeth Retirement Plan, and

               (2)  Has  attained  age 55, and  satisfies  one of the  following
                    conditions:

                    (A)  Has a Rate of Annual  Earnings equal to or in excess of
                         the Minimum  Eligible  Compensation  Level in effect at
                         that time; or

                    (B)  Has been  elected or appointed as a Member of the Wyeth
                         Management Committee; or

                    (C)  Has been  selected by the Chief  Executive  Officer for
                         participation in the Plan, and such  participation  has
                         been   approved  by  the   Compensation   and  Benefits
                         Committee.

                  Notwithstanding the foregoing, any Employees who became a
                  Participant prior to June 16, 2004shall remain a Participant
                  in the Plan.

         (b) Participant After Effective Date. An Employee shall become a
Participant after the Effective Date when he or she satisfies the requirements
of Section 2.1(a).

                              SECTION THREE-VESTING

3.1. Vesting. A Participant shall be vested upon the first to occur of the
following:

          (a)  Completion of five years of Continuous Service; or

          (b)  Attaining  age 60 regardless of the number of years of Continuous
               Service.

3.2. Termination Prior to Vesting. Any Participant who incurs a Severance from
Service prior to becoming vested under Section 3.1 shall not be entitled to
receive a Plan Benefit.

                SECTION FOUR-AMOUNT AND COMMENCEMENT OF BENEFITS

4.1. Normal Plan Benefits.

         (a) Eligibility. A Participant who retires at or after attaining
his/her Normal Retirement Age, shall be eligible to receive monthly a Normal
Plan Benefit under the Plan.

         (b) Amount of Normal Plan Benefit. The monthly Normal Plan Benefit of a
Participant shall be one-twelfth of the amount, if any, by which the amount
determined under subparagraph (1) below, exceeds (to prevent duplication of
benefits) the amount determined under subparagraphs (2) and (3) below, where -

          (1)  An amount  equal to:

               (A)  two percent (2%) of the  Participant's  Final Average Annual
                    Pension  Earnings  multiplied  by the  Participant's  actual
                    years of Credited Service up to Normal  Retirement Age plus,
                    subject to subparagraph  (c) below, an additional  three (3)
                    years of Credited Service (not to exceed thirty (30) years);
                    minus

               (B)  1/60 of the Participant's Social Security Benefit multiplied
                    by the  Participant's  years of Credited  Service  plus,  an
                    additional  three years of Credited  Service  (not to exceed
                    thirty (30) years).

          (2)  The  annual  amount  of  retirement  benefits,  if any  under the
               Retirement Plans, payable in the form of a Single Life Annuity to
               the Participant at Normal Retirement Age.

          (3)  The  annual  amount of  retirement  benefits,  if any,  under any
               foreign  pension  plan,  payable  in the  form of a  Single  Life
               Annuity to the  Participant at Normal  Retirement  Age,  provided
               that such foreign pension plan benefit reflects years of Credited
               Service taken into account for purposes of Section  4.1(b)(1)(A).
               For  purposes of  determining  the amount of  retirement  benefit
               payable as a Single Life  Annuity  from a foreign  pension  plan,
               Retirement  Committee shall utilize whatever assumptions it deems
               reasonable in its discretion."

         (c) Additional Credited Years of Bridge Service. The three (3)
additional years of Credited Service described in Section 4.1(b) shall be
reduced by one year for each year of service (or part thereof) that the
Participant works beyond age sixty-two (62) years, provided however, that a
Participant who commences participation in the Plan at age sixty-one (61) or
later shall accrue a monthly Normal Plan Benefit in the amount provided in
Section 4.1(b) for two (2) years before such reductions take effect.

         (d) Commencement and Duration. Monthly Normal Plan Benefit payments for
Participants who retire and elect to receive payments shall begin as of the
Participant's Normal Retirement Date. Such payments shall continue in accordance
with the payment option elected by the Participant in Section 5.

4.2. Early Plan Benefits.

         (a) Eligibility. A Participant who incurs a Severance from Service
while a Participant on or after he has attained his/her Early Retirement Age but
prior to his/her Normal Retirement Age shall be eligible to retire and receive
an Early Plan Benefit under the Plan.

         (b) Amount of Early Plan Benefit. A Participant's Early Plan Benefit
shall be computed in the same manner as a Normal Plan Benefit under Section
4.1(b) except that the amount determined under Section 4.1(b) shall be reduced
by three (3) percent for each year (or part thereof) by which his/her Early Plan
Benefit commences prior to the attainment of his/her Normal Retirement Age
hereunder and the amount so determined shall then have the offset provisions set
forth in Section 4.1(b)(2) applied to determine the amount of the Participant's
Early Retirement Benefit.

         (c) Commencement and Duration. A Participant who has incurred a
Severance from Service after attaining his/her Early Retirement Age may elect to
retire and commence payment as of his/her Early Retirement Date, and such
payments shall continue in accordance with the payment option elected in Section
5.

4.3. Vested Plan Benefit.

         (a) Eligibility. A Participant who incurs a Severance from Service
while a Participant after having attained five years of Continuous Service but
prior to either his/her Early Retirement Age or his/her Normal Retirement Age,
shall be eligible to retire and receive a Vested Plan Benefit under the Plan.

         (b) Amount of Vested Plan Benefit. A Participant's Vested Plan Benefit
shall be computed in the same manner as a monthly Normal Plan Benefit under
Section 4.1(b) except that the amount determined under Section 4.1(b)(1), shall
be reduced actuarially (by reference to the Actuarial Equivalence) for each year
(or part thereof) by which his/her Plan Benefit commences prior to the
attainment of his/her Normal Retirement Age and the amount so determined shall
then have the offset provisions set forth in Section 4.1(b)(2) applied to
determine the amount of the Vested Plan Benefit.

         (c) Commencement and Duration. A Participant who has incurred a
Severance from Service while a Participant after attaining a right to a Vested
Plan Benefit in accordance with Section 4.3(a) above may elect to commence
payment of his/her Vested Plan Benefit as of the time he/she attains age 55.
Such payments shall continue in accordance with the payment option elected by
the Participant pursuant to Section 5.

4.4. Postponed Plan Benefit.

         (a) Eligibility. A Participant who remains an Employee beyond his/her
Normal Retirement Age shall be entitled to retire and receive a Postponed Plan
Benefit under the Plan.

         (b) Amount. Except as otherwise provided in this paragraph (b), a
Participant's Postponed Plan Benefit shall be an amount computed in the same
manner as a monthly Normal Plan Benefit under Subsection 4.1(b), provided,
however, that:

                  (1)      The Participant's Postponed Plan Benefit shall be
                           determined by taking into account all years of actual
                           Credited Service and Final Average Annual Pension
                           Earnings attributable to employment with the Company
                           both before and after his/her Normal Retirement Date
                           (not to exceed, including the three additional years
                           of Credited Service, thirty (30) years); and that

                  (2)      The three (3) additional years of Credited Service
                           described in paragraph (b)(1) above shall be reduced
                           for each year (or part thereof) that the Participant
                           works beyond age sixty-two (62), provided, however,
                           that a Participant who commences participation at age
                           sixty-one (61) or later must be eligible to receive a
                           Normal Plan Benefit for two (2) years before such
                           reductions take effect.

         (c) Commencement and Duration. Postponed Plan Benefit payments shall
commence as of the first day of the calendar month coincident with or next
following a Participant's Severance from Service. Such benefits shall continue
in accordance with the payment option selected by the Participant in accordance
with Section 5.

                 SECTION FIVE-FORM AND COMMENCEMENT OF BENEFITS

5.1. Form of Benefit. Plan Benefits payable to a Participant pursuant to Section
Four shall be payable to the Participant under the same payment option as
selected by the Participant under the Wyeth Retirement Plan. Notwithstanding the
foregoing, a Participant may select any optional form of payment available under
the Wyeth Retirement Plan. If a Plan Benefit is payable in a form other than a
Single Life Annuity over the life of the Participant, such Plan Benefit shall be
subject to adjustment by the same actuarial equivalent factors as are applied
under the Wyeth Retirement Plan with respect to the Wyeth Retirement Plan
benefit of the Participant to determine Actuarial Equivalence. Any election made
by a Participant pursuant Section 4 shall be in writing in a form acceptable to
the Retirement Committee and filed at least six (6) months prior to his/her
retirement.
         Effective as of April 1, 2001, an election by a Participant to receive
a lump sum distribution of his or her benefit under the Plan shall only be
effective six (6) months after the date of his or her retirement (and effective
as of April 1, 2002, twelve (12) months after his or her retirement) (the
"Deferral Period"). The plan benefit of a Participant shall be credited with
interest on a quarterly basis during the Deferral Period using the same interest
rate as that rate being used to determine the value of the Refund Feature under
the Wyeth Retirement Plan on the date of the commencement of the Deferral
Period. Such interest rate shall be adjusted during the Deferral Period to
reflect changes in the interest rate being used to determine the value of the
Refund Feature under the Wyeth Retirement Plan. In the event a Participant dies
during the Deferral Period, his or her plan benefit shall be paid to his or her
designated beneficiary and shall be adjusted to include in a lump sum, as soon
as practicable after such death interest credited thereto during the Deferral
Period. Notwithstanding the foregoing, a Participant may elect upon his or her
retirement, in lieu of receiving a distribution from the Plan, to transfer all
or any part of his or her plan benefit to the Wyeth Deferred Compensation Plan
on the terms and conditions set forth therein, in accordance with the election
procedures set forth in that plan.

                      SECTION SIX-SURVIVING SPOUSE BENEFIT

6.1. Surviving Spouse's Benefit.

         (a) Death of Participant After Attaining Early Retirement Age. Upon the
death of a Participant while employed by the Company after having attained
his/her Early Retirement Age his/her Surviving Spouse will be entitled to an
immediate survivors benefit under this Plan equal to one-half of the Plan
Benefit the Participant would be entitled to receive commencing on the date of
his/her death, assuming the Participant had lived and retired on the day prior
to his death with a 50% Contingent Annuity Option in effect.

         (b) Death of Participant Prior to Attaining Early Retirement Age. Upon
the death of a Participant while employed by the Company prior to having reached
Early Retirement Age but after becoming vested under Section 3 of the Plan,
his/her Surviving Spouse shall be entitled to receive a survivors annuity
starting on the first day of the month on or after the date the Participant
would have attained his/her Early Retirement Age. Such annuity shall be equal to
one-half of the Vested Plan Benefit the Participant would be entitled to receive
starting on the first day of the month on or after the later of (i) the
Participant's death, or (ii) the date of the Participant would have attained age
55 assuming the Participant had elected a 50% Contingent Annuity.

         (c) Death of Participant After a Separation of Service but Before
Commencement of Early Retirement or Vested Plan Benefits. If a Participant has a
Separation from Service while vested and dies prior to attaining his/her Early
Retirement Age or commencing a Vested Plan Benefit, the Participant's Surviving
Spouse shall be entitled to a survivor's annuity commencing on the later of the
Participant's death or the date the Participant would have attained age 55. The
amount of such an annuity shall be equal to one-half of the Early Retirement
Benefit or the Vested Plan Benefit the Participant was entitled to receive as of
the date of his/her Separation from Service commencing as of the date described
above assuming the Participant had elected a 50% Contingent Annuity option.

                     SECTION SEVEN-AMENDMENT AND TERMINATION

7.1. Amendment or Termination. The Company reserves the right to amend, modify,
or terminate the Plan at any time for any reason. Any such amendment,
modification or termination shall be made pursuant to a resolution of the Board
of Directors and shall be effective as of the date specified in the resolution.
However, no such amendment, modification or termination of the Plan shall
directly or indirectly deprive or adversely affect a Participant's Plan Benefit
under the Plan as in effect on the date immediately preceding the date of such
amendment, modification or termination.

7.2. Termination Benefit. In the event of a Plan termination, each Participant
shall become fully vested in his/her accrued Plan Benefit as of the termination
date. Such accrued Plan Benefit shall be calculated as set forth in Section
4.1(b) above, and shall be based upon the Participant's Years of Service, Final
Average Pension Earnings, and Retirement Plan benefit as of the termination
date. For purposes of determining a Participant's accrued Plan Benefit pursuant
to this paragraph, the Participant's Retirement Plan benefit shall be his/her
accrued benefit from the Retirement Plan payable at age sixty (60). Payment of a
Participant's accrued Plan Benefit shall not be contingent upon his/her
continuation of employment with the Company following the Plan termination date,
and such benefit shall be payable at the date for commencement of payment of a
Plan Benefit pursuant to of Section Five.

                           SECTION EIGHT-MISCELLANEOUS

8.1. No Effect on Employment Rights. Nothing contained herein will confer upon
any Participant the right to be retained in the service of the Company, nor
limit the right of the Company to discharge or otherwise deal with any
Participant without regard to the existence of the Plan.

8.2. Funding. The Plan at all times shall be entirely unfunded, and no provision
shall at any time be made with respect to segregating any assets of the Company
for payment of any benefits hereunder. No Participant, Surviving Spouse or any
other person shall have any interest in any particular assets of the Company by
reason of a right to receive a benefit under the Plan, and any such Participant,
Surviving Spouse or other person shall have the rights of a general unsecured
creditor of the Company with respect to any rights under the Plan.
Notwithstanding the foregoing, the Retirement Committee or the Board of
Directors, in their discretion, may segregate the assets in a separate trust
(treated for tax purposes as a Rabbi trust), for the payment of Plan Benefits
and such segregation shall not be regarded as funding the Plan.

8.3. Anti-assignment. To the maximum extent permitted by law, no benefit payable
under the Plan shall be subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, attachment, encumbrance, or charge prior to actual
receipt thereof by the payee; and any attempt so to anticipate, alienate, sell,
transfer, assign, pledge, attach, encumber, or charge prior to such receipt
shall be void.

8.4. Administration. The Retirement Committee shall be responsible for the
general operation and administration of the Plan and for carrying out the
provisions thereof. All provisions set forth in the Wyeth Retirement Plan with
respect to the administrative powers and duties of the Retirement Committee,
expenses of administration, and procedures for filing claims shall also be
applicable with respect to the Plan. The Retirement Committee shall have the
full discretionary authority to construe and interpret the Plan, including the
right to remedy possible ambiguities, to adopt, amend, and rescind rules and
regulations for the administration of the plan, and generally to conduct and
administer the Plan and to make all determinations in connection with the Plan
as may be necessary or advisable. All such actions of the Retirement Committee
shall be conclusive and binding upon all Participants, Beneficiaries and
Surviving Spouses. The Retirement Committee shall be entitled to rely
conclusively upon all tables, valuations, certificates, opinions, and reports
furnished by any actuary, accountant, controller, counsel, or other person
employed or engaged by the Company with respect to the Plan.

8.5. State Law. The Plan is established under and will be construed according to
the laws of the State of New York, to the extent that such laws are not
preempted by ERISA and the regulations promulgated thereunder.

8.6. Incapacity of Recipient. In the event a Participant, or Surviving Spouse is
declared incompetent and a conservator or other person legally charged with the
care of his/her person or his/her estate is appointed, any benefits under the
Plan to which such Participant, or Surviving Spouse is entitled shall be paid to
such conservator or other person legally charged with the care of his/her person
or estate.

                          SECTION NINE-CLAIMS PROCEDURE

If a Participant does not receive the timely payment of the benefits which
he/she believes are due under the Plan, the Participant may make a claim for
benefits in the manner hereinafter provided.

All claims for benefits under the Plan shall be made in writing and shall be
signed by the Participant. Claims shall be submitted to the Administrator. If
the Participant does not furnish sufficient information with the claim for the
Administrator to determine the validity of the claim, the Administrator shall
indicate to the Participant any additional information which is necessary for
the Administrator to determine the validity of the claim.

Each claim hereunder shall be acted on and approved or disapproved by the
Administrator within 90 days following the receipt by the Administrator of the
information necessary to process the claim. In the event the Administrator
denies a claim for benefits in whole or in part, the Administrator shall notify
the Participant in writing of the denial of the claim and notify the Participant
of his right to a review of the Administrator's decision by the Administrator.
Such notice by the Administrator shall also set forth, in a manner calculated to
be understood by the Participant, the specific reason for such denial, the
specific provisions of the Plan on which the denial is based, a description of
any additional material or information necessary to perfect the claim with an
explanation of the Plan's appeals procedure as set forth in this Section Eleven.

If no action is taken by the Administrator on a Participant's claim within 90
days after receipt by the Administrator, such claim shall be deemed to be denied
for purposes of the following appeals procedure. Any applicant whose claim for
benefits is denied in whole or in part may appeal for a review of the decision
by the Administrator. Such appeal must be made within three months after the
applicant has received actual or constructive notice of the denial as provided
above. An appeal must be submitted in writing within such period and must:

         (a)      request a review by the Administrator of the claim for
                  benefits under the Plan;
         (b)      set forth all of the grounds upon which the Participant's
                  request for review is based on any facts in support thereof;
                  and
         (c)      set forth any issues or comments which the Participant deems
                  pertinent to the appeal.

The Administrator shall act upon each appeal within 60 days after receipt
thereof unless special circumstances require an extension of the time for
processing, in which case a decision shall be rendered by the Administrator as
soon as possible but not later than 120 days after the appeal is received by it.
The Administrator may require the Participant to submit such additional facts,
documents or other evidence as the Administrator in its discretion deems
necessary or advisable in making its review. The Participant shall be given the
opportunity to review pertinent documents or materials upon submission of a
written request to the Administrator, provided the Administrator finds the
requested documents or materials are pertinent to the appeal.

On the basis of its review, the Administrator shall make an independent
determination of the Participant's eligibility for benefits under the Plan. The
decision of the Administrator on any appeal of a claim for benefits shall be
final and conclusive upon all parties thereto.

In the event the Administrator denies an appeal in whole or in part, it shall
give written notice of the decision to the Participant, which notice shall set
forth, in a manner calculated to be understood by the Participant, the specific
reasons for such denial and which shall make specific reference to the pertinent
provisions of the Plan on which the Administrator's decision is based.Exhibit 10.1

                           THERMO ELECTRON CORPORATION

                              EQUITY INCENTIVE PLAN

                           RESTRICTED STOCK AGREEMENT

                                SETH H. HOOGASIAN
                                Name of Recipient

                                     10,000

                         Number of Restricted Shares of
                              Common Stock Awarded

                 Vesting Schedule for Restricted Shares Awarded:

                # of Shares Vesting                 Vesting Date
                -------------------                 ------------
                       5,000                           6/2/05
                       5,000                           6/2/06

                                  June 2, 2004
                                   Award Date

     Thermo Electron Corporation (the "Company") has selected you to receive the
restricted stock award identified  above,  subject to the provisions of the Plan
and the terms,  conditions  and  restrictions  contained in this  agreement (the
"Agreement").  Please confirm your acceptance of this Award,  and your agreement
to the terms of the Plan and this  Agreement,  by  signing  both  copies of this
Agreement.  You should keep one copy for your  records and return the other copy
promptly  to the Stock  Option  Manager  of the  Company,  c/o  Thermo  Electron
Corporation,  81 Wyman  Street,  Post  Office Box 9046,  Waltham,  Massachusetts
02454-9046.

                                         THERMO ELECTRON CORPORATION

                                         By: /s/ Stephen G. Sheehan
                                             -------------------------------
                                             Stephen G. Sheehan
                                             Vice President, Human Resources

Accepted and Agreed:

/s/ Seth H. Hoogasian
---------------------
Seth H. Hoogasian

<PAGE>

                           THERMO ELECTRON CORPORATION

                              EQUITY INCENTIVE PLAN

                           Restricted Stock Agreement
                           --------------------------

1.   Preamble. This Restricted Stock Agreement contains the terms and conditions
     of an award of shares of restricted  stock of the Company (the  "Restricted
     Shares")  made  to the  Recipient  identified  on the  first  page  of this
     Agreement pursuant to the Plan.

2.   Restrictions  on  Transfer.  The  Restricted  Shares  shall  not  be  sold,
     transferred,  pledged,  assigned  or  otherwise  encumbered  or disposed of
     except as provided  below and in the Plan,  until and unless the Restricted
     Shares shall have vested as provided in Paragraph 3 below.

3.   Vesting. The term "vest" as used in this Agreement means the lapsing of the
     restrictions  that are  described  in this  Agreement  with  respect to the
     Restricted  Shares. The Restricted Shares shall vest in accordance with the
     schedule  set forth on the first page of this  Agreement,  provided in each
     case that the Recipient is then, and since the Award Date has  continuously
     been,  employed by the Company or any of its subsidiaries.  Notwithstanding
     the  foregoing,  the Recipient  shall become fully vested in the Restricted
     Shares  prior to the  vesting  dates set  forth on the  first  page of this
     Agreement in the following circumstances:

     (a)  In the event of a Change of Control, as defined in Section 9.2 of the
          Plan,  as the same may be amended from time to time and as in effect
          on the date of  determination,  all Restricted Shares that have  not
          previously  been  forfeited  shall  immediately  vest, provided  that
          the  Recipient is then  employed by the Company or its subsidiaries.

     (b)  In  the  event  of  the  Recipient's  death  or  disability,  all
          Restricted  Shares that have not previously  been forfeited shall
          immediately vest, provided that the Recipient was employed by the
          Company  or its  subsidiaries  immediately  prior  to the date of
          death or disability. For purposes of this Agreement, "disability"
          shall mean a disability as determined (subject to such additional
          rules as the Compensation  Committee of the Board of Directors of
          the Company (the  "Committee")  may prescribe) in accordance with
          the long term disability plan of the Company and its subsidiaries
          covering  the  Recipient  or,  if  there  is  no  such  plan,  in
          accordance with a determination  of disability by the U.S. Social
          Security  Administration  if the  Recipient is a U.S.  citizen or
          resident  in the  United  States,  or such  comparable  body,  as
          determined by the  Committee,  with respect to Recipients who are
          not U.S. citizens and are not resident in the United States.

     (c)  In the event the  Recipient's  employment  is  terminated  by the
          Company other than for cause, all Restricted Shares that have not
          previously  been  forfeited  shall   immediately  vest.  For  the
          purposes of this  Agreement,  "cause" shall mean the  Recipient's
          willful  engagement in illegal conduct or gross  misconduct which
          is injurious to the Company,  and no act or failure to act by the

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          Recipient shall be considered "willful"  unless it is done, or
          omitted to be done, in bad faith and  without  reasonable  belief
          that the  Recipient's  action or omission was in the best
          interests of the Company.

4.   Forfeiture. In the event the Recipient ceases to be employed by the Company
     or its  subsidiaries  for any reason  other than the  reasons  set forth in
     Paragraph  3 of  this  Agreement,  the  Restricted  Shares  that  have  not
     previously vested shall be immediately forfeited to the Company.

5.   Dividends and Voting Rights. The Recipient shall be entitled to any and all
     dividends or other distributions paid with respect to the Restricted Shares
     which  have  not been  forfeited  or  otherwise  disposed  of and  shall be
     entitled to vote any such Restricted  Shares;  provided  however,  that any
     property  (other  than cash)  distributed  with  respect to the  Restricted
     Shares,  including  without  limitation  a  distribution  of  shares of the
     Company's stock by reason of a stock dividend, stock split or otherwise, or
     a  distribution  of other  securities  based on the ownership of Restricted
     Shares,  shall be  subject to the  restrictions  of this  Restricted  Stock
     Agreement  in the  same  manner  and for so long as the  Restricted  Shares
     remain subject to such restrictions,  and shall be forfeited to the Company
     if and when the Restricted Shares are so forfeited.

6.   Certificates.  (a) Legended  Certificates.  The  Recipient is executing and
     delivering  to the Company  blank  stock  powers to be used in the event of
     forfeiture.  Any certificates representing unvested Restricted Shares shall
     be held by the  Company,  and any  such  certificate  (and,  to the  extent
     determined  by the  Company,  any other  evidence of  ownership of unvested
     Restricted Shares) shall contain the following legend:

          THE  TRANSFERABILITY  OF THIS  CERTIFICATE  AND THE  SHARES  OF  STOCK
          REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS  (INCLUDING
          FORFEITURE)  OF THE ISSUER'S  EQUITY  INCENTIVE  PLAN AND A RESTRICTED
          STOCK  AGREEMENT  ENTERED  INTO BETWEEN THE  REGISTERED  OWNER AND THE
          ISSUER.  COPIES OF SUCH PLAN AND  AGREEMENT ARE ON FILE IN THE OFFICES
          OF THE ISSUER.

     (b) Book Entry. If unvested  Restricted Shares are held in book entry form,
         the Recipient  agrees that the Company may give stop transfer
         instructions to the  depository  to  ensure  compliance  with  the
         provisions  of  this Agreement. The Recipient hereby (i) acknowledges
         that the Restricted Shares may be held in book entry form on the books
         of the Company's depository (or another institution specified by the
         Company),  and irrevocably  authorizes the Company to take such
         actions as may be  necessary  or  appropriate  to effectuate  a
         transfer of the record  ownership of any such shares that are unvested
         and forfeited hereunder, (ii) agrees to deliver to the Company, as a
         precondition  to the issuance of any  certificate or  certificates with
         respect to unvested  Restricted Shares, one or more stock powers,
         endorsed in blank, with respect to such shares,  and (iii) agrees to
         sign such other powers and take such other actions as the Company may
         reasonably request to accomplish  the transfer or  forfeiture of any
         unvested  Restricted  Shares that are forfeited hereunder.
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7.   Unrestricted  Shares.  As soon as practicable  following the vesting of any
     Restricted  Shares the Company  shall cause a certificate  or  certificates
     covering  such shares,  without the legend  contained in Paragraph  6(a) of
     this Agreement, to be issued and delivered to the Recipient, subject to the
     payment by the  Recipient by cash or other means  acceptable to the Company
     of any federal,  state,  local and other  applicable  taxes  required to be
     withheld in connection with such vesting.  The Recipient  understands  that
     once a  certificate  has been  delivered  to the  Recipient  in  respect of
     Restricted Shares which have vested, the Recipient will be free to sell the
     shares of common stock evidenced by such certificate, subject to applicable
     requirements of federal and state securities laws.

8.   Tax Withholding.  The Recipient  expressly  acknowledges  that the award or
     vesting  of the  Restricted  Shares  will give rise to  "wages"  subject to
     withholding.  The  Recipient  expressly  acknowledges  and agrees  that the
     Recipient's  rights hereunder are subject to the Recipient's  paying to the
     Company in cash (or by such other means as may be acceptable to the Company
     in its discretion,  including by the delivery of previously acquired shares
     of common  stock of the Company or by having the Company hold back from the
     shares to be delivered, shares of the Company's common stock having a value
     calculated  to satisfy the  withholding  requirement)  all federal,  state,
     local and any other  applicable taxes required to be withheld in connection
     with such award or vesting. If the withholding  obligation is not satisfied
     by the Recipient  promptly,  the Company may,  without further consent from
     the Recipient,  have the right to deduct such taxes from any payment of any
     kind otherwise due to the Recipient, including but not limited to, the hold
     back from the  shares  to be  delivered  pursuant  to  Paragraph  7 of this
     Agreement  of that  number of shares  calculated  to satisfy  all  federal,
     state,  local  or  other  applicable  taxes  required  to  be  withheld  in
     connection with such award or vesting.

9.   Administration.  The Board of Directors of the Company, or the Compensation
     Committee of the Board of Directors or other  committee  designated  in the
     Plan or by the Board of  Directors,  shall have the authority to manage and
     control  the  operation  and   administration   of  this   Agreement.   Any
     interpretation  of the Agreement by the Board or any such Committee and any
     decision made by it with respect to the Agreement is final and binding.

10.  Plan Controls.  Notwithstanding anything in this Agreement to the contrary,
     the terms of this Agreement shall be subject to the terms of the Plan.

11.  Amendment.  This Agreement may be amended only by written agreement between
     the Recipient and the Company, without the consent of any other person.

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