EXHIBIT 10
THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). THESE
SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT, AND NOT WITH A VIEW
TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, PLEDGED,
MORTGAGED, HYPOTHECATED OR OTHERWISE TRANSFERRED (1) WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT COVERING THESE
SECURITIES OR (2) UNLESS AN EXEMPTION FROM REGISTRATION IS
AVAILABLE.
THERMO VISION CORPORATION
Promissory Note Due July 13, 2000
Waltham, Massachusetts
July 14, 1997
For value received, Thermo Vision Corporation, a corporation
(the "Company"), hereby promises to pay to Thermo Electron
Corporation (hereinafter referred to as the "Payee"), or
registered assigns, on July 13, 2000, as described below, the
principal sum of three million eight hundred thousand dollars
($3,800,000) or such part thereof as then remains unpaid, to pay
interest from the date hereof on the whole amount of said
principal sum remaining from time to time unpaid at a rate per
annum equal to the rate of the Commercial Paper Composite Rate
for 90-day maturities as reported by Merrill Lynch Capital
Markets, as an average of the last five business days of the
Company's latest fiscal quarter then ended, plus twenty-five (25)
basis points, which rate shall be adjusted on the first business
day of each fiscal quarter of the Company and shall be in effect
for the entirety of such fiscal quarter, such interest to be
payable in arrears on the first day of each fiscal quarter of the
Company during the term set forth herein, until the whole amount
of the principal hereof remaining unpaid shall become due and
payable, and to pay interest on all overdue principal and
interest at a rate per annum equal to the rate of interest
announced from time to time by BankBoston Corporation at its head
office in Boston, Massachusetts as its "base rate" plus one
percent (1%). Principal and all accrued but unpaid interest
shall be repaid on July 13, 2000. Principal and interest shall
be payable in lawful money of the United States of America, in
immediately available funds, at the principal office of the Payee
or at such other place as the legal holder may designate from
time to time in writing to the Company. Interest shall be
computed on an actual 360-day basis.
This Note may be prepaid at any time or from time to time,
in whole or in part, without any premium or penalty. All
prepayments shall be applied first to accrued interest and then
to principal.
1PAGE
The then unpaid principal amount of, and interest
outstanding on, this Note shall be and become immediately due and
payable without notice or demand, at the option of the holder
hereof, upon the occurrence of any of the following events:
(a) the failure of the Company to pay any amount due
hereunder within ten (10) days of the date when due;
(b) any representation, warranty or statement made or
furnished to the Payee by the Company in connection with
this Note or the transaction from which it arises shall
prove to have been false or misleading in any material
respect as of the date when made or furnished;
(c) the failure of the Company to pay its debts as
they become due, the insolvency of the Company, the filing
by or against the Company of any petition under the U.S.
Bankruptcy Code (or the filing of any similar petition under
the insolvency law of any jurisdiction), or the making by
the Company of an assignment or trust mortgage for the
benefit of creditors or the appointment of a receiver,
custodian or similar agent with respect to, or the taking by
any such person of possession of, any property of the
Company;
(d) the sale by the Company of all or substantially
all of its assets;
(e) the merger or consolidation of the Company with or
into any other corporation in a transaction in which the
Company is not the surviving entity;
(f) the issuance of any writ of attachment, by trustee
process or otherwise, or any restraining order or injunction
not removed, repealed or dismissed within thirty (30) days
of issuance, against or affecting the person or property of
the Company or any liability or obligation of the Company to
the holder hereof; and
(g) the suspension of the transaction of the usual
business of the Company.
Upon surrender of this Note for transfer or exchange, a new
Note or new Notes of the same tenor dated the date to which
interest has been paid on the surrendered Note and in an
aggregate principal amount equal to the unpaid principal amount
of the Note so surrendered will be issued to, and registered in
the name of, the transferee or transferees. The Company may
treat the person in whose name this Note is registered as the
owner hereof for the purpose of receiving payment and for all
other purposes.
2PAGE
In case any payment herein provided for shall not be paid
when due, the Company further promises to pay all cost of
collection, including all reasonable attorneys' fees.
No delay or omission on the part of the Payee in exercising
any right hereunder shall operate as a waiver of such right or of
any other right of the Payee, nor shall any delay, omission or
waiver on any one occasion be deemed a bar to or waiver of the
same or any other right on any future occasion. The Company
hereby waives presentment, demand, notice of prepayment, protest
and all other demands and notices in connection with the
delivery, acceptance, performance, default or enforcement of this
Note. The undersigned hereby assents to any indulgence and any
extension of time for payment of any indebtedness evidenced
hereby granted or permitted by the Payee.
This Note shall be governed by and construed in accordance
with, the laws of the Commonwealth of Massachusetts and shall
have the effect of a sealed instrument.
THERMO VISION CORPORATION
By: __________________________________
Kristine Langdon
President
[Corporate Seal]
Attest:
____________________________
Sandra L. Lambert
Secretary
cc: Seth Hoogasian
Maureen Jacobs
Sandra Lambert
Karen Levin
Andy Pilla
Gina Silvestri
Chris Vinchesi
Beverly Webster