Extension Agreement to Employment Agreement between Axsys Technologies, Inc. and Stephen W. Bershad
This agreement, dated August 4, 2006, is between Axsys Technologies, Inc. and Stephen W. Bershad. It extends the initial term of Mr. Bershad's Employment Agreement until October 12, 2007, unless either party chooses to end it earlier by giving 30 days' written notice. The extension is subject to approval by both parties, as indicated by their signatures.
Exhibit 10.1
August 4, 2006
Mr. Stephen W. Bershad
66 Arroyo Hondo Trail
Santa Fe, NM 87508
Dear Mr. Bershad:
Reference is made to the Employment Agreement, dated October 12, 2000 (the “Employment Agreement”), between Axsys Technologies, Inc. (the “Company”) and you.
The Company desires to extend the Initial Period (as defined in Section 2(a) of the Employment Agreement) until October 12, 2007, subject to the earlier termination of the Initial Period by you in your sole discretion or by the Company, acting through its Board of Directors, in its sole discretion, by 30 days’ prior written notice to the other.
If the foregoing extension of the Initial Period meets with your approval, please indicate your acceptance in the space provided below.
| AXSYS TECHNOLOGIES, INC. | |||
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| By: | /s/ Eliot M. Fried | |
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| A member of the Compensation Committee | ||
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| of the Board of Directors | ||
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| Accepted and Agreed: |
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| /s/ Stephen W. Bershad |
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| Stephen W. Bershad |
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