<DOCUMENT>
<TYPE>EX-10.74
<SEQUENCE>15
<FILENAME>tmok03ex10-74.txt
<TEXT>
[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


</TEXT>
</DOCUMENT>
