Exhibit 10.60
February 25, 2005
Marijn X. Xxxxxxx
President and CEO
Thermo Electron Corporation
00 Xxxxx Xxxxxx
Xxxxxxx, XX 00000
Dear Marijn:
This letter confirms our agreement as to the following:
1. That the second sentence of Section 6(c) of your Amended & Restated
Employment Agreement is modified to read as follows:
"The exercise price of the Subsequent Stock Options shall be
the average of the opening and closing prices of the Stock on
the New York Stock Exchange on the date of each grant."
2. That the stock option to purchase 260,000 shares of the Company's
common stock granted in 2005 pursuant to Section 6(c) of your Amended & Restated
Employment Agreement shall be exercisable for a period of 7 years from the date
of grant rather than for a period of 10 years as provided in the last sentence
of Section 6(c).
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/ Marijn X. Xxxxxxx
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Marijn X. Xxxxxxx
