Exhibit 10.50
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November 17, 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:
That, in order to comply with the proposed regulations issued by the
Internal Revenue Service and the Treasury Department under Section 409A of the
Internal Revenue Code, notwithstanding any provision to the contrary in your
Amended & Restated Employment Agreement (the "Agreement"), in the event of your
Termination due to Disability, Termination for Cause, Termination without Cause
or for Good Reason, or Termination upon expiration of the Term, all payments
owing to you under the Agreement by the Company shall be made to you by the
Company in a lump sum within thirty days of such Termination.
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
