Thermo Electron CEO Compensation Letter Agreement with Marijn E. Dekkers (2004)

Summary

This letter agreement from Thermo Electron Corporation to its President and CEO, Marijn E. Dekkers, confirms an increase in his annual base salary to $1,000,000 effective January 1, 2004, with a continued bonus target of 90%. Dekkers is also granted 5,000 shares of restricted stock, vesting over three years, and will receive a similar grant annually while serving as CEO. The agreement outlines key compensation terms and is signed by the Chairperson of the Compensation Committee.

EX-10.74 15 tmok03ex10-74.txt [Thermo Logo] Exhibit 10.74 February 11, 2004 Mr. Marijn E. Dekkers President and CEO Thermo Electron Corporation 81 Wyman Street Waltham, MA 02451 Dear Marijn: This letter will confirm that effective January 1, 2004, your base compensation will be increased to $1,000,000 per year, and your bonus target continues at 90%. In addition, you have been granted 5,000 shares of restricted stock, vesting equally on the first three anniversaries of the grant date and on the other terms in the restricted stock agreement. You will receive a similar grant every year during your term as CEO. On behalf of the entire Board of Directors, congratulations and best wishes for a productive and successful 2004. Sincerely, /s/ Elaine S. Ullian Elaine S. Ullian Chairperson, Compensation Committee Thermo Electron Board of Directors