Exhibit 10.70
Richard F. Syron
394 Hammond Street
Chestnut Hill, Massachusetts 02467
December 12, 2003
Board of Directors
Thermo Electron Corporation
81 Wyman Street
Waltham, Massachusetts 02451
Re: Resignation
Ladies and Gentlemen:
Effective as of December 31, 2003, I hereby resign my position as Executive
Chairman and member of the Board of Directors of Thermo Electron Corporation
("Thermo") and from each and every other office or position I now have or hold
in Thermo and any and all affiliates of Thermo.
Our agreement regarding my resignation is governed by my Amended and Restated
Employment Agreement dated November 21, 2002 (the "Agreement") except as
otherwise provided by this letter. First, Thermo waives the provision under the
Agreement that requires 30 days prior written notice of my resignation. Second,
Thermo agrees, as such amount is finally determined by the Board of Directors,
to pay my annual cash incentive award for 2003 at the same time that other
senior executives are paid their annual cash incentive awards as if I had
remained employed by Thermo through the date of such payment. Third, by way of
clarification of certain provisions of the Agreement, (a) my salary and all
employee benefits shall, except as expressly set forth herein, be discontinued
as of the close of business on December 31, 2003, (b) all vested stock options
(as set forth on Schedule A hereto) shall remain exercisable through March 30,
2004, and (c) all vested stock units (as set forth on Schedule A hereto) shall
be paid out as soon as practicable after December 31, 2003. Fourth, all other
provisions of the Agreement that survive the termination of my employment, such
as the non-compete provision, shall survive in accordance with their terms.
Sincerely,
/s/ Richard F. Syron
- -------------------------------
Richard F. Syron
Agreed and accepted this 12th day of December, 2003
THERMO ELECTRON CORPORATION
By: Seth H. Hoogasian
-----------------------
Vice President, General Counsel and Secretary
Schedule A
Restricted Stock that are Forfeited Upon Termination
- --------------------------------------------------------------------------------
--------------- --------------- -------------- -----------
Date of Vesting Stock Cash Paid Number
Grant Date of Shares
- ----------------- --------------- --------------- -------------- -----------
6/1/2002 6/1/2005 TMO $0.00 5,461
- ----------------- --------------- --------------- -------------- -----------
6/1/2001 6/1/2004 TMO $0.00 3,560
- ----------------- --------------- --------------- -------------- -----------
Kadant $0.00 218
- ----------------- --------------- --------------- -------------- -----------
Viasys $0.00 520
- ----------------- --------------- --------------- -------------- -----------
Restricted Stock that Vests Upon Termination
- --------------------------------------------------------------------------------
--------------- --------------- -------------- -----------
Date of Vesting Stock Cash Paid Number
Grant Date of Shares
- ----------------- --------------- --------------- -------------- -----------
6/1/2002 6/1/2005 TMO $0.00 5,462
- ----------------- --------------- --------------- -------------- -----------
6/1/2001 6/1/2004 TMO $0.00 3,560
- ----------------- --------------- --------------- -------------- -----------
Kadant $0.00 218
- ----------------- --------------- --------------- -------------- -----------
Viasys $0.00 520
- ----------------- --------------- --------------- -------------- -----------
Restricted Stock Units that are Forfeited Upon Termination
- --------------------------------------------------------------------------------
--------------- --------------- -------------- -----------
Date of Vesting Stock Cash Paid Number
Grant Date of Shares
- ----------------- --------------- --------------- -------------- -----------
11/21/2002 11/21/2004 TMO $0.00 33,333
- ----------------- --------------- --------------- -------------- -----------
11/21/2002 11/21/2005 TMO $0.00 33,334
- ----------------- --------------- --------------- -------------- -----------
Vested Stock Units to be Paid Following Termination
- --------------------------------------------------------------------------------
--------------- --------------- -------------- -----------
Date of Vesting Stock Cash Paid Number
Grant Date of Shares
- ----------------- --------------- --------------- -------------- -----------
11/21/2002 TMO $0.00 111,845
- ----------------- --------------- --------------- -------------- -----------
11/21/2002 11/21/2003 TMO $0.00 33,333
- ----------------- --------------- --------------- -------------- -----------
Unvested TMO Options that are Forfeited Upon Termination
- --------------------------------------------------------------------------------
--------------- --------------- -------------- -----------
Date of Vesting Type Exercise Number
Grant Date Price of Shares
- ----------------- --------------- --------------- -------------- -----------
9/24/1997 various n/a $33.88 4,652
- ----------------- --------------- --------------- -------------- -----------
3/14/2001 3/14/2004 n/a $22.47 100,790
- ----------------- --------------- --------------- -------------- -----------
3/15/2002 3/15/2004 n/a $20.27 43,333
- ----------------- --------------- --------------- -------------- -----------
3/15/2002 3/15/2005 n/a $20.27 43,334
- ----------------- --------------- --------------- -------------- -----------
11/21/2002 11/21/2005 n/a $19.67 173,316
- ----------------- --------------- --------------- -------------- -----------
11/21/2002 11/21/2006 n/a $19.67 173,316
- ----------------- --------------- --------------- -------------- -----------
11/21/2002 11/21/2007 n/a $19.67 173,368
- ----------------- --------------- --------------- -------------- -----------
TMO Options that Vest Upon Termination,
and Expire 90 Days Following Termination
- --------------------------------------------------------------------------------
--------------- --------------- -------------- -----------
Date of Vesting Type Exercise Number
Grant Date Price of Shares
- ----------------- --------------- --------------- -------------- -----------
3/15/2002 3/15/2004 NQO $20.27 43,333
- ----------------- --------------- --------------- -------------- -----------
3/15/2002 3/15/2005 NQO $20.27 43,334
- ----------------- --------------- --------------- -------------- -----------
Vested TMO Options that Expire 90 Days Following Termination *
- --------------------------------------------------------------------------------
--------------- --------------- -------------- -----------
Date of Vesting Type Exercise Number
Grant Date Price of Shares
- ----------------- --------------- --------------- -------------- -----------
9/24/1997 various n/a $33.88 6,976
- ----------------- --------------- --------------- -------------- -----------
NQO $16.43 977,055
- ----------------- --------------- --------------- -------------- -----------
NQO $18.27 348,886
- ----------------- --------------- --------------- -------------- -----------
3/14/2001 3/14/2002 NQO $22.47 100,789
- ----------------- --------------- --------------- -------------- -----------
3/14/2001 3/14/2003 NQO $22.47 100,789
- ----------------- --------------- --------------- -------------- -----------
3/15/2002 3/15/2003 NQO $20.27 86,666
- ----------------- --------------- --------------- -------------- -----------