Document:

Unassociated Document

    Exhibit
10.2(g)

    FORM
OF RESTRICTED STOCK AGREEMENT

    UNDER
THE CENTURYTEL, INC.

    2005
MANAGEMENT INCENTIVE COMPENSATION PLAN

    (2009
Grants to Section 16 Officers)

    

    This
RESTRICTED STOCK AGREEMENT (this “Agreement”) is entered into as of
February 26, 2009, by and between CenturyTel, Inc. (“CenturyTel”) and
___________________ (“Award Recipient”).

    

    WHEREAS, CenturyTel maintains
the 2005 Management Incentive Compensation Plan (the “Plan”), under which the
Compensation Committee (the “Committee”) of the Board of Directors of CenturyTel
(the “Board”) may, directly or indirectly, among other things, grant restricted
shares of CenturyTel’s common stock, $1.00 par value per share (the “Common
Stock”), to key employees of CenturyTel or its subsidiaries (collectively, the
“Company”), subject to such terms, conditions, or restrictions as it may deem
appropriate; and

    

    WHEREAS, pursuant to the Plan
the Committee has awarded to the Award Recipient restricted shares of Common
Stock on the terms and conditions specified below;

    

    NOW, THEREFORE, the parties
agree as follows:

     

     

    
      1.

      AWARD OF
SHARES

      

      Upon the
terms and conditions of the Plan and this Agreement, CenturyTel as of the date
of this Agreement (the “Grant Date”) hereby awards to the Award Recipient
________ restricted shares of Common Stock (the “Restricted Stock”) that vest,
subject to Sections 2, 3 and 4 hereof, in installments as
follows:

    

     

    
      
        	
                Scheduled Vesting
      Date

              	
                Number of Shares of
      Restricted Stock

              
	
                February
      26, 2010

              	 
      
	
                February
      26, 2011

              	 
      
	
                February
      26, 2012

              	 
      

      

    

     

    
      2.

      AWARD
RESTRICTIONS ON

      RESTRICTED
STOCK

      

      2.1           In
addition to the conditions and restrictions provided in the Plan, neither the
shares of Restricted Stock nor the right to vote the Restricted Stock, to
receive dividends thereon or to enjoy any other rights or interests thereunder
or hereunder may be sold, assigned, donated, transferred, exchanged, pledged,
hypothecated or otherwise encumbered prior to vesting.  Subject to the
restrictions on transfer provided in this Section 2.1, the Award Recipient shall
be entitled to all rights of a shareholder of CenturyTel with respect to the
Restricted Stock, including the right to vote the shares and receive all
dividends and other distributions declared thereon.

      

      2.2           If
the shares of Restricted Stock have not already vested in accordance with
Section 1 above, then, except to the extent otherwise provided in the
special accelerated vesting schedule set forth in Section 2.2(c), all of
the shares of Restricted Stock shall vest and all restrictions set forth in
Section 2.1 shall lapse on the earlier of:

       

      
        (a)           the
date on which the employment of the Award Recipient terminates as a result of
(i) death, (ii) disability within the meaning of Section 22(e)(3) of the
Internal Revenue Code, (iii) retirement of the Award Recipient on or after
attaining the age of 55 with at least ten years of prior service with the
Company, but only if such vesting and lapsing of restrictions is specifically
approved by the Committee, or (iv) the termination of the Award Recipient’s
employment by the Company, but only if such vesting and lapsing of restrictions
is specifically approved by the Committee (or is otherwise authorized under
Section 2.2(c));

        

        (b)           the
occurrence of a Change of Control of CenturyTel, as described in Section 11.12
of the Plan; provided, however, that, notwithstanding anything in this Agreement
and the Plan to the contrary, (i) neither the execution, delivery, approval
or performance of the Merger Agreement dated as of October 26, 2008, among
Embarq Corporation, CenturyTel and Cajun Acquisition Company (the “Merger
Agreement”), nor the consummation of the merger of Cajun Acquisition Company
into Embarq Corporation (the “Merger”) or any other transaction contemplated
thereunder, shall be deemed to constitute a Change of Control of CenturyTel and
(ii) the shares of Restricted Stock will not vest solely as a result of the
consummation of the Merger or any other transaction contemplated by the Merger
Agreement (including as a result of the execution of the Merger Agreement or the
approval of the Merger Agreement by the Board of Directors of CenturyTel);
or

        

        (c)           the
date on which, following the consummation of the Merger, the Award Recipient (i)
is terminated by the Company without Cause (as defined below) or (ii) resigns
from the Company with Good Reason (as defined below), in either of which cases,
as of the last day of employment (the “Termination Date”), the following number
of shares of Restricted Stock shall accelerate under the following special
accelerated vesting schedule:

         

        
           

          
            
            

            
            

          

          
            
            

          

        

      

      
         

        
          	
                              

                                                  
      Termination
      Date          
                                           

                	
                          Number
      of Shares

                               Accelerated               
      

                
	
                          If the
      Termination Date is 

                          less
      than 180 days after the 

                          Grant
      Date, then
      ..................................................................................................

                   

                	
                      

                   

                           
      50% of the shares shall accelerate.

                
	
                                         
      If the Termination Date is 

                                         
      between 180 and 364 days 

                                         
      after the Grant Date, then
      ...................................................................................

                	
                            
      

                   

                            the
      number of shares 

                            accelerated
      shall equal the 

                            product
      of the total number of 

                            shares
      of Restricted Stock 

                            multiplied by a fraction, the 

                            numerator
      of which shall equal 

                            the
      number of days worked 

                            between
      the Grant Date and the 

                            Termination
      Date, and the 

                            denominator
      of which shall 

                            equal
      365 (provided in no event 

                            shall
      such number of shares be 

                            less
      than 50% of the total 

                            number
      of shares of Restricted 

                            Stock).

                   

                
	
                                          
      If the Termination  Date is 

                                         
      365 days or more after the 

                                         
      Grant Date, then
      ...................................................................................................

                	
                           
      

                   

                           
      100% of the shares shall
accelerate.

                

        

         

         

        2.3           For
purposes of Section 2.2, the following terms shall have the following
meanings:

         

        (a)           “Cause”
shall mean:

        

        (i)           conviction
of a felony;

        

        (ii)          habitual
intoxication during working hours;

        

        (iii)         habitual
abuse of or addiction to a controlled dangerous substance; or

        

        (iv)         the
willful and continued failure of the Award Recipient to perform substantially
the Award Recipient’s duties with the Company (other than any such failure
resulting from incapacity due to physical or mental illness or the Award
Recipient’s termination of employment for Good Reason) for a period of 10 days
after a written demand for substantial performance is delivered to the Award
Recipient by the Board.

        

        (b)           “Good
Reason” shall mean either of the following acts of the Company unless the Award
Recipient shall otherwise expressly agree in writing:

        

        (i)           Any
directive requiring the Award Recipient to be based at any office or location
other than the office or location at which the Award Recipient is based on the
date immediately preceding the consummation of the Merger, excluding temporary
assignments requested from time to time to support the integration of the
business and operations of Embarq Corporation with those of the Company in
connection with the Merger; or

        

        (ii)          Any
reduction in the Award Recipient’s salary.

      

      
        

        3.

        TERMINATION
OF EMPLOYMENT

        

        All
unvested Restricted Stock shall automatically terminate and be forfeited if the
employment of the Award Recipient terminates for any reason, unless and to the
extent otherwise provided in Section 2.2.

        

        4.

        FORFEITURE
OF AWARD

         

        4.1           If,
at any time during the Award Recipient’s employment by the Company or within 18
months after termination of employment, the Award Recipient engages in any
activity in competition with any activity of the Company, or inimical, contrary
or harmful to the interests of the Company, including but not limited to: (a)
conduct relating to the Award Recipient’s employment for which either criminal
or civil penalties against the Award Recipient may be sought, (b) conduct or
activity that results in termination of the Award Recipient’s employment for
cause, (c) violation of the Company’s policies, including, without limitation,
the Company’s insider trading policy and corporate compliance program, (d)
accepting employment with, acquiring a 5% or more equity or participation
interest in, serving as a consultant, advisor, director or agent of, directly or
indirectly soliciting or recruiting any employee of the Company who was employed
at any time during the Award Recipient’s tenure with the Company, or otherwise
assisting in any other capacity or manner any company or enterprise that is
directly or indirectly in competition with or acting against the interests of
the Company or any of its lines of business (a “competitor”), except for (A) any
isolated, sporadic accommodation or assistance provided to a competitor, at its
request, by the Award Recipient during the Award Recipient’s tenure with the
Company, but only if provided in the good faith and reasonable belief that such
action would benefit the Company by promoting good business relations with the
competitor and would not harm the Company’s interests in any substantial manner
or (B) any other service or assistance that is provided at the request or with
the written permission of the Company, (e) disclosing or misusing any
confidential information or material concerning the Company, (f) engaging in,
promoting, assisting or otherwise participating in a hostile takeover attempt of
the Company or any other transaction or proxy contest that could reasonably be
expected to result in a Change of Control (as defined in the Plan) not approved
by the CenturyTel Board of Directors or (g) making any statement or disclosing
any information to any customers, suppliers, lessors, lessees, licensors,
licensees, regulators, employees or others with whom the Company engages in
business that is defamatory or derogatory with respect to the business,
operations, technology, management, or other employees of the Company, or taking
any other action that could reasonably be expected to injure the Company in its
business relationships with any of the foregoing parties or result in any other
detrimental effect on the Company, then the award of Restricted Stock granted
hereunder shall automatically terminate and be forfeited effective on the date
on which the Award Recipient engages in such activity and (i) all shares of
Common Stock acquired by the Award Recipient pursuant to this Agreement (or
other securities into which such shares have been converted or exchanged) shall
be returned to the Company or, if no longer held by the Award Recipient, the
Award Recipient shall pay to the Company, without interest, all cash, securities
or other assets received by the Award Recipient upon the sale or transfer of
such stock or securities, and (ii) all unvested shares of Restricted Stock shall
be forfeited.

        

        4.2           If
the Award Recipient owes any amount to the Company under Section 4.1 above, the
Award Recipient acknowledges that the Company may, to the fullest extent
permitted by applicable law, deduct such amount from any amounts the Company
owes the Award Recipient from time to time for any reason (including without
limitation amounts owed to the Award Recipient as salary, wages, reimbursements
or other compensation, fringe benefits, retirement benefits or vacation
pay).  Whether or not the Company elects to make any such set-off in
whole or in part, if the Company does not recover by means of set-off the full
amount the Award Recipient owes it, the Award Recipient hereby agrees to pay
immediately the unpaid balance to the Company.

        

        4.3           The
Award Recipient may be released from the Award Recipient’s obligations under
Sections 4.1 and 4.2 above only if the Committee determines in its sole
discretion that such action is in the best interests of the
Company.

      

       

      
        
          5.

          STOCK
CERTIFICATES

           

          No stock
certificates evidencing the Restricted Stock shall be issued by CenturyTel until
the lapse of restrictions under the terms hereof.  Upon the lapse of
restrictions on shares of Restricted Stock, CenturyTel may, in its discretion,
issue the vested shares of Restricted Stock (either through book-entry issuances
or delivery of a stock certificate) in the name of the Award Recipient or his or
her nominee, subject to the other terms and conditions hereof, including those
governing any withholdings of shares under Section 6 below.  Upon
receipt of any such stock certificate, the Award Recipient is free to hold or
dispose of the shares represented by such certificate, subject to (i) applicable
securities laws, (ii) CenturyTel’s insider trading policy, and (iii) any
applicable stock retention policies that CenturyTel may adopt in the
future.

          

          6.

          WITHHOLDING
TAXES

          

          At the
time that all or any portion of the Restricted Stock vests, the Award Recipient
must deliver to CenturyTel the amount of income tax withholding required by
law.  Unless otherwise directed in writing by CenturyTel, the Award
Recipient hereby agrees to fully satisfy this tax withholding obligation by
requesting CenturyTel to withhold from the shares the Award Recipient otherwise
would receive hereunder shares of Common Stock having a value equal to the
minimum amount required to be withheld (as determined under the Plan); provided,
however, that to prevent the issuance of fractional shares and the
under-withholding of taxes, the Award Recipient agrees that the number of shares
withheld shall be rounded up to the next whole number of shares.

          

          7.

          ADDITIONAL
CONDITIONS

          

          Anything
in this Agreement to the contrary notwithstanding, if, at any time prior to the
vesting of the Restricted Stock in accordance with Section 1 or 2 hereof,
CenturyTel further determines, in its sole discretion, that the listing,
registration or qualification (or any updating of any such document) of the
shares of Common Stock issuable pursuant hereto is necessary on any securities
exchange or under any federal or state securities or blue sky law, or that the
consent or approval of any governmental regulatory body is necessary or
desirable as a condition of, or in connection with the issuance of shares of
Common Stock pursuant thereto, or the removal of any restrictions imposed on
such shares, such shares of Common Stock shall not be issued, in whole or in
part, or the restrictions thereon removed, unless such listing, registration,
qualification, consent or approval shall have been effected or obtained free of
any conditions not acceptable to CenturyTel.  CenturyTel agrees to use
commercially reasonable efforts to issue all shares of Common Stock issuable
hereunder on the terms provided herein.

          

          8.

          NO
CONTRACT OF EMPLOYMENT INTENDED

          

          Nothing
in this Agreement shall confer upon the Award Recipient any right to continue in
the employment of the Company, or to interfere in any way with the right of the
Company to terminate the Award Recipient’s employment relationship with the
Company at any time.

        

        
           

          9.

          BINDING
EFFECT

          

          Upon
being duly executed and delivered by CenturyTel and the Award Recipient, this
Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective heirs, executors, administrators, legal representatives and
successors.  Without limiting the generality of the foregoing,
whenever the term “Award Recipient” is used in any provision of this Agreement
under circumstances where the provision appropriately applies to the heirs,
executors, administrators or legal representatives to whom this award may be
transferred by will or by the laws of descent and distribution, the term “Award
Recipient” shall be deemed to include such person or persons.

          

          10.

          INCONSISTENT
PROVISIONS

          

          The
shares of Restricted Stock granted hereby are subject to the terms, conditions,
restrictions and other provisions of the Plan as fully as if all such provisions
were set forth in their entirety in this Agreement.  If any provision
of this Agreement conflicts with a provision of the Plan, the Plan provision
shall control, except that the provisions of Section 2.2(b) shall prevail
over any contrary provisions in the Plan.  The Award Recipient
acknowledges receipt from CenturyTel of a copy of the Plan and a prospectus
summarizing the Plan and further acknowledges that the Award Recipient was
advised to review such materials prior to entering into this
Agreement.  The Award Recipient waives the right to claim that the
provisions of the Plan are not binding upon the Award Recipient and the Award
Recipient’s heirs, executors, administrators, legal representatives and
successors.

          

          11.

          ATTORNEYS’
FEES AND EXPENSES

          

          Should
any party hereto retain counsel for the purpose of enforcing, or preventing the
breach of, any provision hereof, including, but not limited to, the institution
of any action or proceeding in court to enforce any provision hereof, to enjoin
a breach of any provision of this Agreement, to obtain specific performance of
any provision of this Agreement, to obtain monetary or liquidated damages for
failure to perform any provision of this Agreement, or for a declaration of such
parties’ rights or obligations hereunder, or for any other judicial remedy, then
the prevailing party shall be entitled to be reimbursed by the losing party for
all costs and expenses incurred thereby, including, but not limited to,
attorneys’ fees (including costs of appeal).

          

          12.

          GOVERNING
LAW

          

          This
Agreement shall be governed by and construed in accordance with the laws of the
State of Louisiana.

          

          13.

          SEVERABILITY

          

          If any
term or provision of this Agreement, or the application thereof to any person or
circumstance, shall at any time or to any extent be invalid, illegal or
unenforceable in any respect as written, the Award Recipient and CenturyTel
intend for any court construing this Agreement to modify or limit such provision
so as to render it valid and enforceable to the fullest extent allowed by
law.  Any such provision that is not susceptible of such reformation
shall be ignored so as to not affect any other term or provision hereof, and the
remainder of this Agreement, or the application of such term or provision to
persons or circumstances other than those as to which it is held invalid,
illegal or unenforceable, shall not be affected thereby and each term and
provision of this Agreement shall be valid and enforced to the fullest extent
permitted by law.

          

          14.

          ENTIRE
AGREEMENT; MODIFICATION

          

          The Plan
and this Agreement contain the entire agreement between the parties with respect
to the subject matter contained herein and may not be modified, except as
provided in the Plan, as it may be amended from time to time in the manner
provided therein, or in this Agreement, as it may be amended from time to time
by a written document signed by each of the parties hereto.  Any oral
or written agreements, representations, warranties, written inducements, or
other communications with respect to the subject matter contained herein made
prior to the execution of the Agreement shall be void and ineffective for all
purposes.

           

          
            

            IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered on the day and year first above written.

             

            
              
                	 
      	
                        CenturyTel,
      Inc.

                         

                      
	 
      	
                        By:  _________________________________

                      
	 
      	
                                                        
      Glen F. Post, III

                      
	 
      	
                                  
      Chairman and Chief Executive Officer

                      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                        ______________________________________

                      
	 
      	
                                                           
      {Insert name}

                      
	 
      	
                                                        Award
      Recipienttmoq109ex10_1.htm

     

    

    

     

    Exhibit
10.1

     

    

    March 3,
2009

    

    

    

    Stephen
G. Sheehan

    81 Wyman
Street

    Waltham,
MA 02451

    

    Dear
Steve:

    

    This letter confirms our arrangement
regarding the termination of your employment with Thermo Fisher Scientific Inc.
and any of its subsidiaries and affiliates (collectively, the “Company”). This
letter agreement is provided to you pursuant to the Thermo Fisher Scientific
Inc. Executive Severance Policy effective as of January 1, 2009. The benefits
described below are contingent on your agreement to and compliance with the
provisions of this Agreement, including your signing of this Agreement, and your
written re-affirmation (by execution of the document attached hereto as Exhibit
A) of the Release of Claims at the time of your termination of employment from
the Company. Please note further that the benefits specified in paragraphs 2, 3,
6 and 8 below would increase pursuant to the terms of the Executive Change in
Control Retention Agreement between you and the Company in the event that after
the date hereof and prior to the Employment Termination Date, there is a “Change
in Control” of the Company as defined in the Executive Severance
Policy.

    

    The following is our agreement related
to the termination of your employment with the Company:

    

    
      	
              1.  

            	
              Termination of
      Employment: Your employment with the Company will terminate on a
      date to be determined by the Chief Executive Officer of the Company
      (“Employment Termination Date”). You shall be provided at least ninety
      (90) days prior written notice of the Employment Termination Date. The
      Employment Termination Date shall be no earlier than November 9, 2009 and
      no later than January 2, 2010, unless an earlier or later Employment
      Termination Date is mutually agreed by you and the Company. During the
      period from the date of this Agreement until March 31, 2009, you shall
      continue to be paid your base salary at the rate in effect as of the date
      hereof, and during the period from April 1, 2009 until the Employment
      Termination Date, you will be paid your base salary at the rate of
      $368,500 per annum. During the period from the date hereof until the
      Employment Termination Date, you agree to perform such reasonable duties
      as are assigned to you by the Chief Executive Officer of the Company and
      to perform your obligations under this Agreement. You acknowledge that you
      will forfeit any and all payments that you would be entitled to under this
      Agreement in the event that you engage in any conduct that would entitle
      the Company to terminate you for “Cause” as that term is defined under the
      Executive Severance Policy.

            

    

     

    
      	
              2.  

            	
              2008 and 2009
      Bonuses: You will be entitled to receive a bonus in the amount of
      $244,621 for your performance in 2008, which bonus shall be payable at the
      same time in 2009 as bonuses to other executives of the Company are paid.
      With respect to your performance in 2009, you shall receive a bonus at the
      rate of your target bonus for 2009 ($202,675), which bonus shall be
      pro-rated for the number of days worked in 2009 prior to the Employment
      Termination Date. The 2009 bonus shall be payable at the same time in 2010
      as bonuses to other executives of the Company are
  paid.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

          
            Mr.
Stephen G. Sheehan

            March 3,
2009

            Page
2 

            

          

        

      

    

    

    
      	
              3.  

            	
              Severance
      Payment: You will be entitled to receive severance of $856,762.50
      (equivalent to 1.5 times (i) your annual base salary in effect at the
      Employment Termination Date ($368,500) and (ii) your target bonus in
      effect at the Employment Termination Date ($202,675)). In order to comply
      with Section 409A of the Internal Revenue Code, you will receive the
      severance payment on or shortly after the six month anniversary of the
      Employment Termination Date.

            

    

     

    
      	
              4.  

            	
              Accrued
      Vacation: Payment of your accrued but unused vacation account will
      be made in a lump sum on your 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 this Agreement are in
      complete satisfaction of any and all amounts 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.

            

    

     

    
      	
              6.  

            	
              Employee Benefit
      Programs: Your participation in all employee benefit programs of
      the Company will cease in accordance with the terms of those programs. For
      example, your medical and dental coverage and your eligibility for long
      term disability (LTD) will cease on the Employment Termination Date. All
      life insurance benefits will cease eighteen (18) months after the
      Employment Termination Date. Your access to the Employee Assistance Plan
      (EAP) will continue for sixty (60) days from the Employment Termination
      Date. Pursuant to the Thermo Fisher Scientific Inc. Executive Severance
      Policy, you and your family will continue to receive under COBRA medical
      and dental benefits that are substantially equivalent to the benefits that
      you and your family received immediately prior to the Employment
      Termination Date. Pursuant to COBRA, you will be billed the premium costs
      for these benefits by the Company’s COBRA administrator on a monthly basis
      and the Company will reimburse you the same portion of premiums that it
      pays for active employees with the same coverage, for the 18 months after
      the Employment Termination Date. Your entitlement to any type of the
      aforementioned medical, dental or life insurance benefits will terminate
      if within 18 months of the Employment Termination Date you become
      reemployed with another employer and you become eligible to receive from
      your new employer medical, dental or life insurance benefits,
      respectively, on terms at least as favorable as those you currently
      receive. You will receive information regarding your medical, dental and
      life insurance benefits directly from the Company’s COBRA
      administrator.

            

    

     

    
      	
              7.  

            	
              401(k) Plan:
      Under the rules of the Company’s 401(k) plan, your active participation in
      the 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 and
      Restricted Stock Awards: Schedule 1 attached hereto lists all of
      your unexercised options to purchase shares of Common Stock of the Company
      as of the date hereof. After the Employment Termination Date, any
      unexercised options will continue to be exercisable by you until the dates
      indicated on the attached Schedule 1. Any options not exercised on or
      before the dates indicated on Schedule 1 will expire and be canceled, and
      you will have no further rights with respect to such options. In
      accordance with the terms of the Thermo Fisher Scientific Inc. Equity
      Incentive Plans, any restricted stock awards that you received prior to
      the date hereof and that are not vested as of the Employment Termination
      Date will be forfeited on the Employment Termination Date. Please consult
      the Thermo Corporate Stock Options Department if you have any
      questions.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

          
            Mr.
Stephen G. Sheehan

            March 3,
2009

            Page
3 

            

          

        

      

    

    

    
      	
              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.

            

    

     

    
      	
              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 and files 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.  

            	
              Outplacement
      Services: Pursuant to the Thermo Fisher Scientific Inc. Executive
      Severance Policy, you will be entitled to utilize until twelve months
      after the Employment Termination Date, at no cost to you, the services of
      an outplacement firm selected by you, up to a maximum charge of $20,000
      for such services.

            

    

     

    
      	
              12.  

            	
              Deferred Compensation
      Plan: Under the rules of the Company’s Deferred Compensation Plan,
      your active participation in the plan shall end on the Employment
      Termination Date. Your account balances in the plan shall be distributed
      in accordance with the elections that you have previously made under the
      plan.

            

    

     

    
      	
              13.  

            	
              Release: In
      exchange for the payments under this agreement, 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 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. This release includes, but
      is 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.

            

    

     

    
      	
               
      

            	
              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

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

          
            Mr.
Stephen G. Sheehan

            March 3,
2009

            Page 4

            

          

        

      

    

    

    
      	
               
      

            	
              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 THIS
      AGREEMENT.

            

    

     

    
      	
              14.  

            	
              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 it, 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 it. The Company agrees that it will not criticize,
      disparage, defame or in any way comment negatively to anyone about
      you.

            

    

     

    
      	
              15.  

            	
              Confidentiality:
      You agree that the terms of this letter agreement shall be maintained as
      confidential by you and your agents and representatives, and shall not be
      disclosed to any other third party except to the extent required by
      law.

            

    

     

    
      	
              16.  

            	
              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.

            

    

     

    
      	
              17.  

            	
              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 agrees that neither you nor the Company will 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.

            

    

     

    
      	
              18.  

            	
              Confidentiality/Noncompete
      Agreements: You agree to comply with the terms of any agreement
      that you have previously signed relating to the confidentiality of Company
      proprietary information and inventions as well as any agreement relating
      to your post-termination noncompete obligations. A copy of such
      agreement(s) is attached hereto as Exhibit
B.

            

    

     

    
      	
              19.  

            	
              Entire
      Agreement: This letter, and your Executive Severance Agreement
      contain the entire agreement between you and the Company and supersede all
      prior and contemporaneous agreements, communications and understandings,
      whether written or oral, relating to the subject matter of this letter,
      except that the Company Information and Invention Agreement 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.

            

    

     

    
      	
              20.  

            	
              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.

            

    

     

    
      	
              21.  

            	
              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.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

          
            Mr.
Stephen G. Sheehan

            March 3,
2009

            Page
5

            

          

        

      

    

    

    
      	
              22.  

            	
              Successors and
      Assigns: This Agreement shall be binding 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.

            

    

     

    
      	
              23.  

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

            

    

     

    
      	
              24.  

            	
              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.

            

    

    

    
      	
              25.  

            	
              Expiration of
      Offer: The offer made by the Company pursuant to this letter shall
      be null and void if it is not accepted in writing by you on or before the
      expiration of the 21-day period described in paragraph
  13.

            

    

    

    

    Date
Received by Addressee:  March 3, 2009

    

                        THERMO FISHER
SCIENTIFIC INC.

    

    

                        By: /s/ Seth H.
Hoogasian                                          

                                                                    
                      Senior
Vice President, General Counsel and

                               Secretary

    

    Accepted
and Agreed to:

    

    

    /s/ Stephen G.
Sheehan                           
                                                  

    Stephen
G. Sheehan

    

    

    March 12,
2009                                          
                                             

    Date
Accepted

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    Schedule
1*

    

    
      	
              Dated

            	
              Exp.
      Date

            	
              Grant
      Price

            	
              Shares
      Outstanding

            	
              New
      Expiration dates

            
	
              02/27/2006

            	
              02/27/2013

            	
              $34.86

            	
              40,000

            	
              3
      months after Employment Termination Date

            
	
              11/09/2006

            	
              11/09/2013

            	
              $43.37

            	
              23,040

            	
              3
      months after Employment Termination Date

            
	
              11/09/2006

            	
              11/09/2013

            	
              $43.37

            	
              11,520**

            	
              3
      months after Employment Termination Date

            
	 
      	 
      	
              Total:

            	
              74,560

            	 
      

    

    

    
      	
               
      

            	
              *In
      the event of a “Change in Control” of the Company (as defined in the
      Company’s equity incentive plans) prior to the Employment Termination
      Date, the amount of 

               
      shares exercisable in the table above would increase as a result of
      accelerated vesting in accordance with the terms of the Company’s equity
      incentive plans.

            

    

    

    
      	
               
      

            	
              **These
      options are scheduled to vest on November 9, 2009. In the event that the
      Employment Termination Date is earlier than November 9, 2009 (for example,
      by mutual 

                  
      agreement of you and the Company), these options would not vest and would
      be forfeited on the Employment Termination
Date.

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    Exhibit
A

    

    I hereby reaffirm in its entirety the
provisions of the Separation Agreement with the Company dated March 3, 2009
signed by me including, without limitation, the release of claims contained in
Section 13 of the Separation Agreement.

    

    

    

    By: /s/ Stephen G.
Sheehan                        

       
   Stephen G. Sheehan

     

    
 

    Date:
March 12,
2009                                  
                                                                

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    Exhibit
B

    

    Form of
Officer Non-Competition Agreement

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