Exhbit 10.51
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February 27, 2006
Xxxxxx X. Xxxxxxx
President and CEO
Thermo Electron Corporation
00 Xxxxx Xxxxxx
Xxxxxxx, XX 00000
Dear Xxxxxx:
This letter confirms our agreement as to the following:
1. That all references in your Amended & Restated Employment Agreement to
the "Reference Bonus Amount" shall mean 100% of your then current salary.
2. That the stock option to purchase 450,000 shares of the Company's common
stock, exercisable for a period of 7 years from the date of grant, being granted
to you on February 27, 2006, shall be in lieu of the stock option to purchase
260,000 shares of the Company's common stock, exercisable for a period of 10
years from the date of grant, to which you are entitled pursuant to Section 6(c)
of your Amended & Restated Employment Agreement.
Very truly yours,
/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
Chair
Thermo Electron Corporation
Compensation Committee
ACCEPTED AND AGREED:
By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
